Form 485BPOS RIVERSOURCE ACCOUNT F

April 27, 2026 3:18 PM EDT
 
As filed with the Securities and Exchange Commission on April 27, 2026
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 
 
Pre-Effective Amendment No.
[]
 
Post-Effective Amendment No. 47 (File No. 33-4173)
[X]
and/or
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940 
 
Amendment No. 78 (File No. 811-3217)
[X]
(Check appropriate box or boxes)
RIVERSOURCE ACCOUNT F
(Exact Name of Registrant)
RiverSource Life Insurance Company
(Name of Depositor)
70100 Ameriprise Financial Center, Minneapolis, MN 55474
(Address of Depositor's Principal Executive Offices) (Zip Code)
Depositor's Telephone Number, including Area Code (612) 678-5337
Nicole D. Wood, 50605 Ameriprise Financial Center, Minneapolis, MN 55474
(Name and Address of Agent for Service)
It is proposed that this filing will become effective (check appropriate box) 
[]
immediately upon filing pursuant to paragraph (b) of Rule 485
[X]
on May 1, 2026 pursuant to paragraph (b) of Rule 485
[]
60 days after filing pursuant to paragraph (a)(1) of Rule 485
[]
on [date] pursuant to paragraph (a)(1) of Rule 485
If appropriate, check the following box: 
[]
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
Check each box that appropriately characterize the Registrant: 
[]
New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration
statement or amendment thereto within 3 years preceding this filing) 
[]
Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (“Exchange Act”))
[]
If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act
[]
Insurance Company relying on Rule 12h-7 under the Exchange Act
[]
Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act)
PART A.

Prospectus
May 1, 2026
RiverSource®
Flexible Annuity
Individual Flexible Premium Deferred Combination Fixed/Variable Annuity 
Issued by:
RiverSource Life Insurance Company (RiverSource Life)
 
70100 Ameriprise Financial Center
Minneapolis, MN 55474
Telephone: 1-800-862-7919
(Service Center)
ameriprise.com/variableannuities
RiverSource Account F
This prospectus contains information that you should know before investing in the RiverSource Flexible Annuity (the Contract), an individual flexible premium deferred combination fixed/variable annuity contract issued by RiverSource Life Insurance Company (“RVS Life”, “we”, “us” and “our”). All material terms and conditions of the contracts, including material state variations and distribution channels, are described in this prospectus.
The contract allows you to invest your money in (i) available subaccounts investing in shares of underlying funds, each of which has a particular investment objective, investment strategies, fees and expenses; or (ii) the fixed account which earns fixed interest at rates that we adjust periodically and declare when you make an allocation to that account. Additional information regarding each investment option is provided in Appendix A – Investment Options Available Under the Contract.
The contract is a complex investment and involves risks, including loss of principal. The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Surrenders could result in surrender charges, taxes and tax penalties, and such reductions could be significant.
An investment in the contract is subject to the risks related to RVS Life. Any obligations under the contract that exceed the assets of the separate account are subject to our financial strength and claims-paying ability.
The contract is no longer available for new purchases. The contract is no longer being sold and this prospectus is designed for current contract owners.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.


The Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
RiverSource Flexible Annuity — Prospectus 1
Table of Contents
 
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2 RiverSource Flexible Annuity — Prospectus
Key Terms
These terms can help you understand details about your contract.
Accumulation unit: A measure of the value of each subaccount before annuity payouts begin.
Annuitant: The person or persons on whose life or life expectancy the annuity payouts are based.
Annuity payouts: An amount paid at regular intervals under one of several plans.
Assumed investment rate: The rate of return we assume your investments will earn when we calculate your initial annuity payout amount using the annuity table in your contract. The standard assumed investment rate we use is 5% but you may request we substitute an assumed investment rate of 3.5%.
Beneficiary: The person you designate to receive benefits in case of the owner’s or annuitant’s death while the contract is in force.
Close of business: The time the New York Stock Exchange (NYSE) closes (4 p.m. Eastern time unless the NYSE closes earlier).
Code: The Internal Revenue Code of 1986, as amended.
Contract value: The total value of your contract before we deduct any applicable charges.
Contract year: A period of 12 months, starting on the effective date of your contract and on each anniversary of the effective date.
Fixed account: Part of our general account to which you may allocate purchase payments. Amounts you allocate to this account earn interest at rates that we declare periodically.
Funds: A portfolio of an open-end management investment company that is registered with the Securities and Exchange Commission (the "SEC") in which the Subaccounts invest.  May also be referred to as an underlying Fund. 
Good order: We cannot process your transaction request relating to the contract until we have received the request in good order at our Service Center. “Good order” means the actual receipt of the requested transaction in writing, along with all information, forms and supporting legal documentation necessary to effect the transaction. To be in “good order,” your instructions must be sufficiently clear so that we do not need to exercise any discretion to follow such instructions. This information and documentation generally includes your completed request; the contract number; the transaction amount (in dollars); the names of and allocations to and/or from the subaccounts and the fixed account affected by the requested transaction; Social Security Number or Taxpayer Identification Number; and any other information, forms or supporting documentation that we may require. For certain transactions, at our option, we may require the signature of all contract owners for the
request to be in good order. With respect to purchase requests, “good order” also generally includes receipt of sufficient payment by us to effect the purchase. We may, in our sole discretion, determine whether any particular transaction request is in good order, and we reserve the right to change or waive any good order requirements at any time.
Owner (you, your): The person or persons identified in the contract as owners(s) of the contract, who has or have the right to control the contract (to decide on investment allocations, transfers, payout options, etc.). Usually, but not always, the owner is also the annuitant. During the owner’s life, the owner is responsible for taxes, regardless of whether he or she receives the contract’s benefits. The owner or any joint owner may be a non-natural person (e.g. irrevocable trust or corporation) or a revocable trust. If any owner is a non-natural person or revocable trust, the annuitant will be deemed to be the owner for contract provisions that are based on the age or life of the owner. When the contract is owned by a revocable trust or irrevocable grantor trust, the annuitant selected should be the grantor of the trust to assure compliance with Section 72(s) of the Code. Any contract provisions that are based on the age of the owner will be based on the age of the oldest owner. Any ownership change, including continuation of the contract by your spouse under the spousal continuation provision of the contract, redefines “owner”, “you” and “your”.
Qualified annuity: A contract that you purchase to fund one of the following tax-deferred retirement plans that is subject to applicable federal law and any rules of the plan itself:
•
Individual Retirement Annuities (IRAs) (including inherited IRAs) under Section 408(b) of the Code
•
Roth IRAs (including inherited Roth IRAs) under Section 408A of the Code
•
Simplified Employee Pension IRA (SEP) plans under Section 408(k) of the Code
•
Plans under Section 401(k) of the Code
•
Custodial and investment only plans under Section 401(a) of the Code
•
Tax-Sheltered Annuities (TSAs) under Section 403(b) of the Code
•
Plans under Section 457 of the Code
A qualified annuity will not provide any necessary or additional tax deferral if it is used to fund a retirement plan that is already tax deferred.
All other contracts are considered nonqualified annuities.
Retirement date: The date when annuity payouts are scheduled to begin.
Separate Account: An insulated segregated account, the assets of which are invested solely in an underlying Fund. We call this the Variable Account.
RiverSource Flexible Annuity — Prospectus 3
Service Center: Our department that processes all transaction and service requests for the Contracts. We consider all transaction and service requests received when they arrive in good order at the Service Center. Any transaction or service requests sent or directed to any location other than our Service Center may end up delayed or not processed. Our Service Center address and telephone number are listed on the first page of the prospectus.
Subaccount: A division of the Variable Account, each of which invests in one Fund.
Surrender value: The amount you are entitled to receive if you make a full surrender from your contract. It is the contract value immediately prior to the surrender, minus any applicable charges.
Valuation date: Any normal business day, Monday through Friday, on which the NYSE is open, up to the time it closes. At the NYSE close, the next valuation date begins. We calculate the accumulation unit value of each subaccount on each valuation date. If we receive your purchase payment or any transaction request (such as a transfer or surrender request) in good order at our
Service Center before the close of business, we will process your payment or transaction using the accumulation unit value we calculate on the valuation date we received your payment or transaction request. On the other hand, if we receive your purchase payment or transaction request in good order at our Service Center at or after the close of business, we will process your payment or transaction using the accumulation unit value we calculate on the next valuation date. If you make a transaction request by telephone (including by fax), you must have completed your transaction by the close of business in order for us to process it using the accumulation unit value we calculate on that valuation date. If you were not able to complete your transaction before the close of business for any reason, including telephone service interruptions or delays due to high call volume, we will process your transaction using the accumulation unit value we calculate on the next valuation date.
Variable Account: Refers to the RiverSource Account F, a Separate Account established to hold contract owners’ assets allocated to the Subaccounts, each of which invests in a particular Fund.
4 RiverSource Flexible Annuity — Prospectus
Overview of the Contract
Purpose: The purpose of the contract is to allow you to accumulate money for retirement or a similar long-term goal. You do this by making one or more purchase payments.
We no longer offer new contracts. However, you have the option of making additional purchase payments in the future, subject to certain limitations.
The contract offers various benefits and optional features that may help you achieve financial goals.
It may be appropriate for you if you have a long-term investment horizon and your financial goals are consistent with the terms and conditions of the contract.
It is not intended for investors whose liquidity needs require frequent withdrawals in excess of free amount. If you plan to manage your investment in the contract by frequent or short-term trading, the contract is not suitable for you.
Phases of the Contract:
The contract has two phases: the Accumulation Phase and the Income Phase.
Accumulation Phase. During the Accumulation Phase, you make purchase payments by investing in available subaccounts, each of which has a particular investment objective, investment strategies, fees and expenses and the Fixed Account which earns interest at rates that we adjust periodically and declare when you make an allocation to that account. These accounts, in turn, may earn returns that increase the value of the contract. If the contract value goes to zero due to underlying fund’s performance or deduction of fees, the contract will no longer be in force and the contract will terminate.
A list of funds and additional information regarding each fund in which you can invest is provided in the Appendix A -- Investment Options Available Under the Contract.
The amount of money you accumulate under your contract depends (in part) on the performance of the subaccounts you choose or the rates you earn on allocations to the Fixed Account. You may transfer money between investment options during the Accumulation Phase, subject to certain restrictions. Your contract value impacts the value of your contract’s benefits during the Accumulation Phase, as well as the amount available for withdrawal, annuitization and death benefits.
Income Phase. The Income Phase begins when you (or your beneficiary) choose to annuitize the contract. You can apply your contract value (less any applicable premium tax and/or other charges) to an annuity payout plan that begins on the retirement date or any other date you elect. You may choose from a variety of plans that can help meet your retirement or other income needs. We can make payouts on a fixed or variable basis, or both. You cannot take withdrawals of contract value or surrender the contract during the Income Phase unless you elect an option that provides guaranteed payments.
All death benefits terminate after the retirement date.
Contract features:
•
Death Benefits. If you or the annuitant die during the Accumulation Phase, we will pay to your beneficiary or beneficiaries an amount at least equal to the contract value. After the death benefit is paid, the contract will terminate.
•
Surrenders: You may surrender all or part of your contract value at any time during the Accumulation Phase. If you request a full surrender, the contract will terminate. You also may establish automated partial surrenders. Surrenders may be subject to charges and income taxes (including an IRS penalty that may apply if you surrender prior to reaching age 59½) and may have other tax consequences. Throughout this prospectus when we use the term “Surrender” it includes the term “Withdrawal”.
•
Tax Treatment: You can transfer money between subaccounts and the Fixed Account without tax implications, and earnings (if any) on your investments are generally tax-deferred. Generally, earnings are not taxed until they are distributed, which may occur when making a withdrawal, upon receiving an annuity payment, or upon payment of the death benefit.
Additional Services:
•
Dollar Cost Averaging Programs. Automated Dollar Cost Averaging allows you, at no additional cost, to transfer a set amount monthly between subaccounts or from the fixed account to one or more eligible subaccounts.
•
Automated Partial Surrenders. An optional service allowing you to set up automated partial surrenders from the fixed account or the subaccounts.
•
Electronic Delivery. You may register for the electronic delivery of your current prospectus and other documents related to your contract.
RiverSource Flexible Annuity — Prospectus 5
Important Information You Should Consider About the Contract 
 
FEES, EXPENSES, AND ADJUSTMENTS
Location in
Statutory
Prospectus
Are There Charges
or Adjustments for
Early
Withdrawals?
Yes. If you withdraw money during the first 7 years from the date of each
purchase payment, you may be assessed a surrender charge of up to 7%
of the purchase payment withdrawn.
For example, if you make an early withdrawal, you could pay a surrender
charge of up to $7,000 on a $100,000 investment.
Fee Table and
Examples
Charges and
Adjustments –
Transaction
Expenses –
Surrender Charge
Are There
Transaction
Charges?
No. Other than surrender charges, we do not assess any transaction
charges.
 
Are There Ongoing
Fees and
Expenses?
Yes. The table below describes the current fees and expenses that you
may pay each year, depending on the investment options you choose.
Please refer to your Contract specifications page for information about the
specific fees you will pay each year based on the options you have elected.
Fee Table and
Examples
Charges and
Adjustments –
Annual Contract
Expenses
Appendix A:
Investment
Options Available
Under the
Contract
Annual Fee
Minimum
Maximum
Base Contract(1)
1.08%
1.08%
Fund options
(funds fees and expenses)(2)
0.51%
1.16%
Optional benefits available for an
additional charge
N/A
N/A
(1) As a percentage of average daily contract value in the variable account. Includes the
Mortality and Expense Fee and contract administrative charge.
(2) As a percentage of Fund net assets.
Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your Contract,
the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do not
take withdrawals from the Contract, which could add surrender charges
that substantially increase costs.
Lowest Annual Cost:
$1,380
Highest Annual Cost:
$1,919
Assumes:
•Investment of $100,000
•5% annual appreciation
•Least expensive combination of
Fund fees and expenses
•No sales charge
•No additional purchase payments,
transfers or withdrawals
Assumes:
•Investment of $100,000
•5% annual appreciation
•Most expensive combination of
Fund fees and expenses
•No additional purchase payments,
transfers or withdrawals
•No sales charge
 
RISKS
 
Is There a Risk of
Loss from Poor
Performance?
Yes. You can lose money by investing in this Contract including loss of
principal.
Principal Risks of
Investing in the
Contract
6 RiverSource Flexible Annuity — Prospectus
 
RISKS
Location in
Statutory
Prospectus
Is This a
Short-Term
Investment?
No.
•The Contract is not a short-term investment and is not appropriate for an
investor who needs ready access to cash.
•The Contract has surrender charges that may apply for the first seven
years after each purchase payment. The surrender charges may reduce
the value of your Contract if you withdraw money during the surrender
charge period.
•Surrenders may also be subject to taxes and tax penalties.
•The benefits of tax deferral and long-term income mean the contract is
generally more beneficial to investors with a long term investment
horizon.
Principal Risks of
Investing in the
Contract
Charges and
Adjustments –
Transaction
Expenses –
Surrender Charge
What Are the
Risks Associated
With the
Investment
Options?
•An investment in the Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the
investment options available under the Contract.
•Each investment option, including any fixed account investment option,
has its own unique risks.
•You should review the investment options before making any investment
decisions.
Principal Risks of
Investing in the
Contract
The Variable
Account and the
Funds
The Fixed Account
What Are the
Risks Related to
the Insurance
Company?
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the Fixed Account) or guarantees and benefits
of the Contract that exceed the assets of the Separate Account are subject
to our claims-paying ability. If we experience financial distress, we may not
be able to meet our obligations to you. More information about RiverSource
Life, including our financial strength ratings, is available by contacting us at
1-800-862-7919.
Principal Risks of
Investing in the
Contract
The General
Account
 
RESTRICTIONS
 
Are There
Restrictions on
the Investment
Options?
Yes.
•Subject to certain restrictions, you may transfer your Contract value
among the subaccounts without charge at any time before the retirement
date, and once per contract year after the retirement date.
•The Fixed Account is subject to certain restrictions.
•We reserve the right to modify, restrict or suspend your transfer
privileges if we determine that your transfer activity constitutes market
timing.
•We reserve the right to add, remove or substitute Funds as investment
options. We also reserve the right, upon notification to you, to close or
restrict any Funds.
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments
Are There Any
Restrictions on
Contract
Benefits?
No. No optional benefits are offered under this Contract.
 
 
TAXES
 
What Are the
Contract’s Tax
Implications?
•Consult with a tax advisor to determine the tax implications of an
investment in and purchase payments received under this Contract.
•If you purchase the Contract through a tax-qualified plan or individual
retirement account, you do not get any additional tax benefit.
•Earnings under your Contract are taxed at ordinary income tax rates
generally when withdrawn. You may have to pay a tax penalty if you take
a withdrawal before age 59½.
Taxes
RiverSource Flexible Annuity — Prospectus 7
 
CONFLICTS OF INTEREST
Location in
Statutory
Prospectus
How Are
Investment
Professionals
Compensated?
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g.,
bonuses), and non-cash compensation. This financial incentive may
influence your investment professional to recommend this Contract over
another investment for which the investment professional is not
compensated or compensated less.
About the Service
Providers
Should I Exchange
My Contract?
If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new Contract in
place of the one you own. You should only exchange a Contract you already
own if you determine, after comparing the features, fees, and risks of both
Contracts, that it is better for you to purchase the new Contract rather than
continue to own your existing Contract.
Buying Your
Contract –
Contract
Exchanges
8 RiverSource Flexible Annuity — Prospectus
Fee Table and Examples
The following tables describe the fees, expenses and adjustments that you will pay when buying, owning, surrendering, or making withdrawals from an investment option or from the Contract. Please refer to your Contract Data page for information about the specific fees you will pay each year based on the options you have elected.
The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract. State premium taxes also may be deducted.
Transaction Expenses
Surrender Charges 
Surrender charges (as a percentage of purchase payments surrendered)
 
Maximum
7
%
 
Years from purchase payment receipt
Surrender charge percentage
1
7
%
2
7
3
7
4
7
5
7
6
7
Thereafter
0
The next table describes the fees and expenses that you will pay each year during the time that you own the contract (not including funds fees and expenses). 
Annual Contract Expenses
Administrative Expenses 
Annual contract administrative charge
$24
Base Contract Expenses
(as a percentage of average daily contract value in the variable account) 
Mortality and expense risk fee
1
%
RiverSource Flexible Annuity — Prospectus 9
The next table shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the contract. Expenses shown may change over time and may be higher or lower in the future. A complete list of investment options available under the contract, including their annual expenses, may be found in Appendix A.
Annual Fund Expenses(1)
Minimum and maximum annual operating expenses for the funds
(Including management, distribution (12b-1) and/or service fees and other expenses)(1) 
Total Annual Fund Expenses
Minimum(%)
Maximum(%)
(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses)
0.51
1.16
(1)
Total annual fund operating expenses are deducted from amounts that are allocated to the fund. They include management fees and other expenses and may include distribution (12b-1) fees. Other expenses may include service fees that may be used to compensate service providers, including us and our affiliates, for administrative and contract owner services provided on behalf of the fund. The amount of these payments will vary by fund and may be significant. See “The Variable Account and the Funds” for additional information, including potential conflicts of interest these payments may create. Distribution (12b-1) fees are used to finance any activity that is primarily intended to result in the sale of fund shares. Because 12b-1 fees are paid out of fund assets on an ongoing basis, you may pay more if you select subaccounts investing in funds that have adopted 12b-1 plans than if you select subaccounts investing in funds that have not adopted 12b-1 plans. For a more complete description of each fund’s fees and expenses and important disclosure regarding payments the fund and/or its affiliates make, please review the fund’s prospectus and SAI.
Examples
These examples are intended to help you compare the cost of investing in this contract with the cost of investing in other variable annuity contracts. These costs include Transaction Expenses, Annual Contract Expenses, and Annual Fund expenses.
These examples assume that you invest $100,000 in the contract for the time periods indicated. These examples also assume that your investment has a 5% return each year. The “Maximum” example further assumes the most expensive combination of Annual Contract Expenses and Annual Fund Expenses. The “Minimum” example further assumes the least expensive combination of Annual Contract Expenses and Annual Fund Expenses.  Although your actual costs may be higher or lower, based on these assumptions your maximum and minimum costs would be:
Maximum Expenses. This example assumes the maximum fees and expenses of any of the funds before fee waivers and/or expense reimbursements. Although your actual costs may be higher, based on this assumption your costs would be: 
If you surrender your contract
at the end of the applicable time period:
If you do not surrender your contract
or if you select an annuity payout plan
at the end of the applicable time period:
1 year
3 years
5 years
10 years
1 year
3 years
5 years
10 years
$9,238
$13,853
$18,728
$25,156
$2,214
$6,829
$11,704
$25,132
Minimum Expenses. This example assumes the minimum fees and expenses of any of the funds before fee waivers and/or expense reimbursements. Although your actual costs may be lower, based on this assumption your costs would be: 
If you surrender your contract
at the end of the applicable time period:
If you do not surrender your contract
or if you select an annuity payout plan
at the end of the applicable time period:
1 year
3 years
5 years
10 years
1 year
3 years
5 years
10 years
$8,572
$11,829
$15,316
$18,141
$1,548
$4,805
$8,292
$18,117
THE EXAMPLES ARE ILLUSTRATIVE ONLY. YOU SHOULD NOT CONSIDER THESE EXAMPLES AS A REPRESENTATION OF PAST OR FUTURE EXPENSES. ACTUAL EXPENSES WILL BE HIGHER OR LOWER THAN THOSE SHOWN IF YOU ALLOCATE CONTRACT VALUE TO ANY OTHER AVAILABLE SUBACCOUNTS.
10 RiverSource Flexible Annuity — Prospectus
Principal Risks of Investing in the Contract
Risk of Loss. Variable annuities involve risks, including possible loss of principal. Your losses could be significant. This contract is not a deposit or obligation of, or guaranteed or endorsed by, any bank. This contract is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency.
Short-Term Investment Risk. This contract is not designed for short-term investing and may not be appropriate for an investor who needs ready access to cash. The benefits of tax deferral and long-term income mean that this contract is more beneficial to investors with a long-term investment horizon.
Withdrawal Risk. You should carefully consider the risks associated with withdrawals under the contract. Withdrawals may be subject to a significant surrender charge up to 7%. If you make a withdrawal prior to age 59½, there may be adverse tax consequences, including a 10% IRS penalty tax. A withdrawal may reduce the value of your benefits.
Subaccount Risk. Amounts that you invest in the subaccounts are subject to the risk of poor investment performance. You assume the investment risk. Generally, if the subaccounts that you select make money, your contract value goes up, and if they lose money, your contract value goes down. Each subaccount’s performance depends on the performance of its underlying Fund. Each underlying Fund has its own investment risks, and you are exposed to the Fund’s investment risks when you invest in a subaccount. You are responsible for selecting subaccounts that are appropriate for you based on your own individual circumstances, investment goals, financial situation, and risk tolerance. For risks associated with any Fixed Account options, see Financial Strength and Claims-Paying Ability Risk below.
Purchase Payment Risk. Your ability to make subsequent purchase payments is subject to restrictions. Also, our prior approval may be required before accepting certain purchase payments. We reserve the right to limit certain annuity features (for example, investment options) if prior approval is required. There is no guarantee that you will always be permitted to make purchase payments.
Contract Changes Risk. We reserve the right to make certain changes in the future, subject to applicable law. We reserve the right to limit transfers to the fixed account. During the annuity payout period, we reserve the right to limit the number of subaccounts in which you may invest. We reserve the right to add, remove or substitute approved investment options at any time and in our sole discretion. We reserve the right to close or restrict approved investment options in our sole discretion.
Financial Strength and Claims-Paying Ability Risk. All guarantees under the contract that are paid from our general account (including under any Fixed Account option) are subject to our financial strength and claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you.
Cybersecurity Risk. Increasingly, businesses are dependent on the continuity, security, and effective operation of various technology systems. The nature of our business depends on the continued effective operation of our systems and those of our business partners.
This dependence makes us susceptible to operational and information security risks from cyber-attacks. These risks may include the following:
•
the corruption or destruction of data;
•
theft, misuse or dissemination of data to the public, including your information we hold; and
•
denial of service attacks on our website or other forms of attacks on our systems and the software and hardware we use to run them.
These attacks and their consequences can negatively impact your contract, your privacy, your ability to conduct transactions on your contract, or your ability to receive timely service from us. The risk of cyberattacks may be higher during periods of geopolitical turmoil. There can be no assurance that we, the underlying funds in your contract, or our other business partners will avoid losses affecting your contract due to any successful cyber-attacks or information security breaches.
Potential Adverse Tax Consequences. Tax considerations vary by individual facts and circumstances. Tax rules may change without notice. Generally, earnings under your contract are taxed at ordinary income tax rates when withdrawn. You may have to pay a tax penalty if you take a withdrawal before age 59 ½. If you purchase a qualified annuity to fund a retirement plan that is tax-deferred, your contract will not provide any necessary or additional tax deferral beyond what is provided in that retirement plan. Consult a tax professional.
 11
The Variable Account and the Funds
The Variable Account: The variable account was established under Minnesota law on Aug. 23, 1995. The variable account, consisting of subaccounts, is registered together as a single unit investment trust under the Investment Company Act of 1940 (the 1940 Act). This registration does not involve any supervision of our management or investment practices and policies by the SEC. All obligations arising under the contracts are general obligations of RiverSource Life.
The variable account meets the definition of a separate account under federal securities laws. Income, gains, and losses credited to or charged against the variable account reflect the variable account’s own investment experience and not the investment experience of RiverSource Life’s other assets. The variable account’s assets are held separately from RiverSource Life’s assets and are not chargeable with liabilities incurred in any other business of RiverSource Life.  RiverSource Life is obligated to pay all amounts promised to contract owners under the contracts. The variable account includes other subaccounts that are available under contracts that are not described in this prospectus.
The IRS has issued guidance on investor control but may issue additional guidance in the future. We reserve the right to modify the contract or any investments made under the terms of the contract so that the investor control rules do not apply to treat the contract owner as the owner of the subaccount assets rather than the owner of an annuity contract. If the contract is not treated as an annuity contract for tax purposes, the owner may be subject to current taxation on any current or accumulated income credited to the contract.
We intend to comply with all federal tax laws so that the contract qualifies as an annuity for federal tax purposes. We reserve the right to modify the contract as necessary in order to qualify the contract as an annuity for federal tax purposes.
The Funds: The contract currently offers subaccounts investing in shares of the Funds. Contract value allocated to a Subaccount will vary based on the investment experience of the corresponding Fund in which the Subaccount invests. There is a risk of loss of the entire amount invested. Information regarding each Fund, including (i) its name, (ii) its investment objective, (iii) its investment adviser and any sub-investment adviser, (iv) current expenses, and (v) performance may be found in the Appendix to this prospectus.
Please read the Funds’ prospectuses carefully for facts you should know before investing. These prospectuses containing more detailed information about the Funds are available by contacting us at 70100 Ameriprise Financial Center, Minneapolis, MN 55474, telephone: 1-800-862-7919, website: Ameriprise.com/variableannuities.
•
Investment objectives: The investment managers and advisers cannot guarantee that the Funds will meet their investment objectives.
•
Fund name and management: An underlying Fund in which a subaccount invests may have a name, portfolio manager, objectives, strategies and characteristics that are the same or substantially similar to those of a publicly-traded retail mutual fund. Despite these similarities, an underlying fund is not the same as any publicly-traded retail mutual fund. Each underlying fund will have its own unique portfolio holdings, fees, operating expenses and operating results. The results of each underlying fund may differ significantly from any publicly-traded retail mutual fund.
•
Eligible purchasers: All Funds are available to serve as the underlying investment options for variable annuities and variable life insurance policies. The Funds are not available to the public (see “Fund Name and Management” above). Some Funds also are available to serve as investment options for tax-deferred retirement plans. It is possible that in the future for tax, regulatory or other reasons, it may be disadvantageous for variable annuity accounts and variable life insurance accounts and/or tax-deferred retirement plans to invest in the available Funds simultaneously. Although we and the Funds’ providers do not currently foresee any such disadvantages, the boards of directors or trustees of each Fund will monitor events in order to identify any material conflicts between annuity owners, policy owners and tax-deferred retirement plans and to determine what action, if any, should be taken in response to a conflict. If a board were to conclude that it should establish separate Fund providers for the variable annuity, variable life insurance and tax-deferred retirement plan accounts, you would not bear any expenses associated with establishing separate Funds. Please refer to the Funds’ prospectuses for risk disclosure regarding simultaneous investments by variable annuity, variable life insurance and tax-deferred retirement plan accounts. Each Fund intends to comply with the diversification requirements under Section 817(h) of the Code.
•
Funds available under the contract: We seek to provide a broad array of underlying funds taking into account the fees and charges imposed by each fund and the contract charges we impose. We select the underlying funds in which the subaccounts initially invest and when there is substitution (see “Substitution of Investments”). We also make all decisions regarding which funds to retain in a contract, which funds to add to a contract and which funds will no longer be offered in a contract. In making these decisions, we may consider various objective and subjective factors. Objective factors include, but are not limited to fund performance, fund expenses, classes of fund shares available, size of the fund and investment objectives and investing style of the fund. Subjective factors include, but are not limited to, investment sub-styles and process, management skill and history at other funds and portfolio
12 RiverSource Flexible Annuity — Prospectus
concentration and sector weightings. We also consider the levels and types of revenue, including but not limited to expense payments and non-cash compensation of a fund, its distributor, investment adviser, subadviser, transfer agent or their affiliates pay us and our affiliates. This revenue includes but is not limited to compensation for administrative services provided with respect to the fund and support of marketing and distribution expenses incurred with respect to the fund.
•
Money Market fund yield: In low interest rate environments, money market fund yields may decrease to a level where the deduction of fees and charges associated with your contract could result in negative net performance, resulting in a corresponding decrease in your contract value.
•
Revenue we receive from the funds and potential conflicts of interest:
Expenses We May Incur on Behalf of the Funds
When a subaccount invests in a fund, the fund holds a single account in the name of the variable account. As such, the variable account is actually the shareholder of the fund. We, through our variable account, aggregate the transactions of numerous contract owners and submit net purchase and redemption requests to the funds on a daily basis. In addition, we track individual contract owner transactions and provide confirmations, periodic statements, and other required mailings. These costs would normally be borne by the fund, but we incur them instead.
Besides incurring these administrative expenses on behalf of the funds, we also incur distributions expenses in selling our contracts. By extension, the distribution expenses we incur benefit the funds we make available due to contract owner elections to allocate purchase payments to the funds through the subaccounts. In addition, the funds generally incur lower distribution expenses when offered through our variable account in contrast to being sold on a retail basis.
A complete list of why we may receive this revenue, as well as sources of revenue, is described in detail below.
Payments the Funds May Make to Us
We or our affiliates may receive from each of the funds, or their affiliates, compensation including but not limited to expense payments. These payments are designed in part to compensate us for the expenses we may incur on behalf of the funds. In addition to these payments, the funds may compensate us for wholesaling activities or to participate in educational or marketing seminars sponsored by the funds.
We or our affiliates may receive revenue derived from the 12b-1 fees charged by the funds. These fees are deducted from the assets of the funds. This revenue and the amount by which it can vary may create conflicts of interest. The amount, type, and manner in which the revenue from these sources is computed vary by fund.
Conflicts of Interest These Payments May Create
When we determined the charges to impose under the contracts, we took into account anticipated payments from the funds. If we had not taken into account these anticipated payments, the charges under the contract would have been higher. Additionally, the amount of payment we receive from a fund or its affiliate may create an incentive for us to include that fund as an investment option and may influence our decision regarding which funds to include in the variable account as subaccount options for contract owners. Funds that offer lower payments or no payments may also have corresponding expense structures that are lower, resulting in decreased overall fees and expenses to shareholders.
We offer funds managed by our affiliate Columbia Management Investment Advisers, LLC (Columbia Management). We have additional financial incentive to offer our affiliated funds because additional assets held by them generally results in added revenue to us and our parent company, Ameriprise Financial, Inc. Additionally, employees of Ameriprise Financial, Inc. and its affiliates, including our employees, may be separately incented to include the affiliated funds in the products, as employee compensation and business unit operating goals at all levels are tied to the success of the company. Currently, revenue received from our affiliated funds comprises the greatest amount and percentage of revenue we derive from payments made by the funds.
The Amount of Payments We Receive from the Funds
We or our affiliates receive revenue which ranges up to 0.65% of the average daily net assets invested in the funds through this and other contracts we and our affiliates issue.
Why revenues are paid to us: In accordance with applicable laws, regulations and the terms of the agreements under which such revenue is paid, we or our affiliates may receive revenue, including, but not limited to expense payments and non-cash compensation, for various purposes:
•
Compensating, training and educating investment professionals who sell the contracts.
•
Granting access to our employees whose job it is to promote sales of the contracts by authorized selling firms and their investment professionals, and granting access to investment professionals of our affiliated selling firms.
•
Activities or services we or our affiliates provide that assist in the promotion and distribution of the contracts including promoting the funds available under the contracts to contract owners, authorized selling firms and investment professionals.
•
Providing sub-transfer agency and shareholder servicing to contract owners.
RiverSource Flexible Annuity — Prospectus 13
•
Promoting, including and/or retaining the fund’s investment portfolios as underlying investment options in the contracts.
•
Advertising, printing and mailing sales literature, and printing and distributing prospectuses and reports.
•
Furnishing personal services to contract owners, including education of contract owners regarding the funds, answering routine inquiries regarding a fund, maintaining accounts or providing such other services eligible for service fees as defined under the rules of the Financial Industry Regulatory Authority (FINRA).
•
Subaccounting services, transaction processing, recordkeeping and administration.
•
Sources of revenue received from affiliated funds: The affiliated funds are managed by Columbia Management. The sources of revenue we receive from these affiliated funds, or the funds’ affiliates, may include, but are not necessarily limited to, the following:
•
Assets of the fund’s adviser, sub-adviser, transfer agent, distributor or an affiliate of these. The revenue resulting from these sources may be based either on a percentage of average daily net assets of the fund or on the actual cost of certain services we provide with respect to the fund. We may receive this revenue either in the form of a cash payment or it may be allocated to us.
•
Compensation paid out of 12b-1 fees that are deducted from fund assets.
•
Sources of revenue received from unaffiliated funds: The unaffiliated funds are not managed by an affiliate of ours. The sources of revenue we receive from these unaffiliated funds, or the funds’ affiliates, may include, but are not necessarily limited to, the following:
•
Assets of the fund’s adviser, sub-adviser, transfer agent, distributor or an affiliate of these. The revenue resulting from these sources may be based either on a percentage of average daily net assets of the fund or on the actual cost of certain services we provide with respect to the fund. We receive this revenue in the form of a cash payment.
•
Compensation paid out of 12b-1 fees that are deducted from fund assets.
The General Account
The general account includes all assets owned by RiverSource Life, other than those in the Variable Account and our other separate accounts. Subject to applicable state law, we have sole discretion to decide how assets of the general account will be invested. The assets held in our general account support the guarantees under your contract. These guarantees are subject to the claims-paying ability and financial strength of RiverSource Life. You should be aware that our general account is exposed to many of the same risks normally associated with a portfolio of fixed-income securities including interest rate, option, liquidity and credit risk. You should also be aware that we issue other types of annuities and financial instruments and products as well, and these obligations are satisfied from the assets in our general account. Our general account is not segregated or insulated from the claims of our creditors. The financial statements contained in the SAI include a further discussion of the risks inherent within the investments of the general account. The fixed account is supported by our general account that we make available under the contract.
The Fixed Account
You also may allocate purchase payments or transfer contract value to the fixed account. Amounts allocated to the fixed account are part of our general account. We back the principal and interest guarantees relating to the fixed account. These guarantees are subject to the creditworthiness and continued claims-paying ability of the company. The value of the fixed account increases as we credit interest to the account. The interest rate we apply to each purchase payment or transfer to the fixed account is guaranteed for one year. Thereafter, we will change the rates from time to time at our discretion. The guaranteed minimum interest rate on amounts invested in the fixed account may vary by state and contract issue year, but it will be shown on your Contract Data page and will not be lower than the minimum allowed under state law. Interest rates credited in excess of the guaranteed rate generally will be based on various factors related to future investment earnings. Information regarding the fixed account option, including (i) its name, (ii) its term, and (iii) its historical guaranteed minimum interest rates may be found in Appendix A to this prospectus.
Because of exemptive and exclusionary provisions, we have not registered interests in the fixed account as securities under the Securities Act of 1933 nor have any of these accounts been registered as investment companies under the Investment Company Act of 1940. Accordingly, neither the fixed account nor any interests in the fixed account are subject to the provisions of these Acts.
The fixed account has not been registered with the SEC. Disclosures regarding the fixed account, however, are subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements made in a prospectus. (See “Making the Most of Your Contract – Transfer Policies” for restrictions on transfers involving the fixed account.)
14 RiverSource Flexible Annuity — Prospectus
Buying Your Contract
New contracts are not currently being offered.
As the owner, you have all rights and may receive all benefits under the contract. You can own a nonqualified annuity in joint tenancy with rights of survivorship only in spousal situations. You cannot own a qualified annuity in joint tenancy.
We applied your initial purchase payment to the accounts you selected within two business days after we received it at our Service Center. We will credit additional eligible purchase payments you make to your accounts on the valuation date we receive them. If we receive an additional purchase payment at our Service Center before the close of business, we will credit any portion of that payment allocated to the subaccounts using the accumulation unit value we calculate on the valuation date we received the payment. If we receive an additional purchase payment at our Service Center at or after the close of business, we will credit any portion of that payment allocated to the subaccounts using the accumulation unit value we calculate on the next valuation date after we received the payment.
Householding and delivery of certain documents
With your prior consent, RiverSource Life and its affiliates may use and combine information concerning accounts owned by members of the same household and provide a single paper or electronic copy of certain documents to that household. This householding of documents may include prospectuses, supplements, annual reports, semiannual reports and proxies. Your authorization remains in effect unless we are notified otherwise. If you wish to continue receiving multiple copies of these documents, you can opt out of householding by calling us at 1.866.273.7429. Multiple mailings will resume within 30 days after we receive your opt out request.
Contract Exchanges
You should only exchange a contract you already own if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract.
Generally, you can exchange one nonqualified annuity for another or for a qualified long-term care policy in a “tax-free” exchange under Section 1035 of the Code. You can also do a partial exchange from one nonqualified annuity contract to another annuity contract, subject to Internal Revenue Service (IRS) rules. You also generally can exchange a life insurance policy for a nonqualified annuity. However, before making an exchange, you should compare both contracts carefully because the features and benefits may be different. Fees and charges may be higher or lower on your old contract than on the new contract. You may have to pay a surrender charge when you exchange out of your old contract and a new surrender charge period may begin when you exchange into the new contract. If the exchange does not qualify for Section 1035 treatment, you also may have to pay federal income tax on the distribution. State income taxes may also apply. You should not exchange your old contract for the new contract or buy the new contract in addition to your old contract, unless you determine it is in your best interest. (See “Taxes — 1035 Exchanges.”)
The Retirement Date
Annuity payouts are scheduled to begin on the retirement date. This means that the contract will be annuitized (converted to a stream of monthly payments) and the first payment will be sent on the retirement date. If your contract is annuitized, the contract goes into payout mode and only the annuity payout provisions continue. You will no longer have access to your contract value. In addition, the death benefit will end.
Generally, the retirement date must be no later than the annuitant’s 95th birthday or the tenth contract anniversary. You can choose to delay the annuitization of your contract to a date beyond age 95 but not later than the annuitant’s 105th birthday, to the extent allowed by applicable tax laws, provided you send us written instructions at least 30 days before annuity payouts begin.
Six months prior to your retirement date, we will contact you with your options, including the option to postpone your retirement date to a future date. If you do not make an election, annuity payouts, using the contract’s default option of Plan B – Life annuity with 10 years certain, will begin on the retirement date, and monthly annuity payouts will continue for as long as the annuitant lives. If the annuitant does not survive 10 years, payments will continue until 10 years of payments have been made.
Generally, if you own a qualified annuity (for example, an IRA) and tax laws require that you take distributions from your annuity prior to your retirement date, your contract will not be automatically annuitized (subject to state requirements). However, if you choose, you can elect to request annuititzation or take partial surrenders to meet your required minimum distributions.
Certain restrictions on retirement dates apply to participants in the Texas Optional Retirement Program. (See “TSA — Special Provisions.”)
RiverSource Flexible Annuity — Prospectus 15
Beneficiary
We will pay to your named beneficiary the death benefit if it becomes payable before the retirement date while the contract is in force and before annuity payouts begin. If there is more than one beneficiary, we will pay each beneficiary’s designated share when we receive their completed claim. A beneficiary will bear the investment risk of the variable account until we receive the beneficiary’s completed claim. If there is no named beneficiary, the default provisions of your contract will apply. (See “Benefits in Case of Death” for more about beneficiaries.)
Purchase Payments
Minimum allowable purchase payments(1)
If paying by installments under a scheduled payment plan:
$23.08 biweekly
$50 per month
If paying by any other method:
$50
(1)
If you do not make any purchase payments for 24 months and your previous payments total $600 or less, we have the right to give you 30 days’ written notice and pay you the total value of your contract in a lump sum. This right does not apply to contracts sold to New Jersey residents.
Maximum allowable annual purchase payments(2)
$50,000
(2)
These annual limits apply in total to all RiverSource Life annuities you own. We reserve the right to increase maximum limits or reduce age limits. For qualified annuities the tax-deferred retirement plan’s or the Code’s limits on annual contributions also apply.
How to Make Purchase Payments
 
1 By letter
Send your check along with your name and contract number to:
RiverSource Life Insurance Company
70200 Ameriprise Financial Center
Minneapolis, MN 55474
 
2 By scheduled payment plan
Your sales representative can help you set up:
•
an automatic payroll deduction, salary reduction or other group billing arrangement; or
•
a bank authorization.
Limitations on Use of Contract
If mandated by applicable law, including, but not limited to, federal anti-money laundering laws, we may be required to reject a purchase payment. We may also be required to block an owner’s access to Contract values or to satisfy other statutory obligations. Under these circumstances, we may refuse to implement requests for transfers, surrenders or death benefits until instructions are received from the appropriate governmental authority or a court of competent jurisdiction.
Charges and Adjustments
Transaction Expenses
Surrender Charge
A surrender charge of 7% applies on each purchase payment you make. We may deduct this surrender charge from the contract value surrendered if you request a surrender within six years of making that purchase payment. The surrender charge helps us cover sales and distribution expenses. We calculate the surrender charge by drawing from your total contract value in the following order:
•
First, we surrender any contract earnings (contract value minus all purchase payments received and not previously surrendered). We do not assess a surrender charge on this amount.
16 RiverSource Flexible Annuity — Prospectus
NOTE: We determine contract earnings by looking at the entire contract value, not the earnings of any particular subaccount or fixed account.
•
Next, if necessary, we surrender amounts representing purchase payments six contract years old or more and not previously surrendered. We do not assess a surrender charge on this amount.
•
Finally, if necessary, we surrender amounts representing purchase payments up to six contract years old and not previously surrendered on a first-in, first-out (FIFO) basis. A surrender charge of 7% applies to any amount surrendered from these new purchase payments.
The surrender charge percentage depends on the number of years since you made the payments that are surrendered, as shown in the table below: 
Years from purchase payment receipt
Surrender charge percentage
1
7
%
2
7
3
7
4
7
5
7
6
7
Thereafter
0
Partial surrenders:
For a partial surrender, we will determine the amount of contract value that needs to be surrendered, which after any surrender charge, will equal the amount you request.
Example
Assume You requested a surrender of $1,000 and there is a surrender charge of 7%. The total amount We actually deduct from Your contract is $1,075.27. We determine this amount as follows: 
Amount requested
or
$1,000
=
$1,075.27
1.00 – withdrawal charge
.93
By applying the 7% surrender charge to $1,075.27, the surrender charge is $75.27. We pay you the $1,000 You requested. If You make a full surrender of Your contract, We also will deduct the applicable contract administrative charge.
Liquidation charge under Annuity Payout Plan E — Payouts for a specified period: If You are receiving variable annuity payments under this annuity payout plan, You can choose to surrender those payments. The amount that You can surrender is the present value of any remaining variable payouts. The discount rate We use in the calculation will be 5.05% if the assumed investment rate is 3.5% and 6.55% if the assumed investment rate is 5%. The liquidation charge equals the present value of the remaining payouts using the assumed investment rate minus the present value of the remaining payouts using the discount rate.
Fixed Payouts: Surrender charge for annuity payout plans that allow surrenders of the present value of remaining guaranteed payouts: If You elect an annuity payout plan and the plan We make available provides a liquidity feature permitting You to surrender any portion of the underlying value of remaining guaranteed payouts, a surrender charge may apply.
A surrender charge will be assessed against the present value of any remaining guaranteed payouts surrendered. The discount rate We use in determining present values varies based on: (1) the contract value originally applied to the fixed annuitization; (2) the remaining years of guaranteed payouts; (3) the annual effective interest rate and periodic payment amount for new immediate annuities of the same duration as the remaining years of guaranteed payouts; and (4) the interest spread (currently 1.50%). If We do not currently offer immediate annuities, We will use rates and values applicable to new annuitizations to determine the discount rate.
Once the discount rate is applied and We have determined the present value of the remaining guaranteed payouts You are surrendering, the present value determined will be multiplied by the surrender charge percentage in the table below and deducted from the present value to determine the net present value You will receive. 
RiverSource Flexible Annuity — Prospectus 17
Number of Completed Years Since Annuitization
Surrender charge percentage
0
Not applicable*
1
5%
2
4
3
3
4
2
5
1
6 and thereafter
0
*We do not permit surrenders in the first year after annuitization.
We will provide a quoted present value (which includes the deduction of any surrender charge). You must then formally elect, in a form acceptable to Us, to receive this value. The remaining guaranteed payouts following surrender will be reduced, possibly to zero.
Waiver of surrender charge
We do not assess surrender charges for:
•
amounts surrendered after the later of the annuitant attaining age 65 or the tenth contract anniversary (except in Washington and Oregon);
•
contracts settled using an annuity payout plan, unless Annuity Payout Plan E is later surrendered, and
•
death benefits.
Annual Contract Expenses
Base Contract Expenses
Base Contract Expenses consist of the contract administrative charge and mortality and expense risk fee.
Contract Administrative Charge
We charge this fee for establishing and maintaining your records. We deduct $6 from the contract value at the end of each contract quarter (each three-month period measured from the effective date of your contract). This equates to an annual charge of $24. We prorate this charge among the subaccounts and the fixed account in the same proportion your interest in each account bears to your total contract value. If you surrender your contract, we will deduct the quarterly charge at the time of surrender. We cannot increase the quarterly contract administrative charge and it does not apply after annuity payouts begin or when we pay death benefits.
Mortality and Expense Risk Fee
We charge this fee daily to your subaccounts as a percentage of the daily contract value in the variable account. The unit values of your subaccounts reflect this fee and it totals 1% of the subaccounts’ average daily net assets on an annual basis. This fee covers the mortality risk and expense risk that we assume. This fee does not apply to the fixed account.
Mortality risk arises because of our guarantee to pay a death benefit and our guarantee to make annuity payouts according to the terms of the contract, no matter how long a specific owner or annuitant lives and no matter how long our entire group of owners or annuitants live. If, as a group, owners or annuitants outlive the life expectancy we assumed in our actuarial tables, then we must take money from our general assets to meet our obligations. If, as a group, owners or annuitants do not live as long as expected, we could profit from the mortality risk fee. We deduct the mortality risk fee from the subaccounts during the annuity payout period even if the annuity payout plan does not involve a life contingency.
Expense risk arises because we cannot increase the contract administrative charge and this charge may not cover our expenses. We would have to make up any deficit from our general assets. We could profit from the expense risk fee if future expenses are less than expected.
The subaccounts pay us the mortality and expense risk fee they accrued as follows:
•
first, to the extent possible, the subaccounts pay this fee from any dividends distributed from the funds in which they invest;
•
then, if necessary, the funds redeem shares to cover any remaining fees payable.
We may use any profits we realize from the subaccounts’ payment to us of the mortality and expense risk fee for any proper corporate purpose, including, among others, payment of distribution (selling) expenses. We do not expect that the surrender charge, discussed in the previous section, will cover sales and distribution expenses in full.
18 RiverSource Flexible Annuity — Prospectus
Other information on charges: Ameriprise Financial, Inc. makes certain custodial services available to some profit sharing, money purchase and target benefit plans funded by our annuities. Fees for these services start at $30 per calendar year per participant. Ameriprise Financial, Inc. will charge a termination fee for owners under age 59½ (waived in case of death or disability).
Possible group reductions: In some cases we may incur lower sales and administrative expenses due to the size of the group, the average contribution and the use of group enrollment procedures. In such cases, we may be able to reduce or eliminate the contract administrative and surrender charges. However, we expect this to occur infrequently.
Fund Fees and Expenses
There are deductions from and expenses paid out of the assets of the funds that are described in the prospectuses for those funds.
Premium Taxes
Certain state and local governments impose premium taxes on us (up to 3.5%). These taxes depend upon your state of residence or the state in which the contract was issued. Currently, we deduct any applicable premium tax when annuity payouts begin, but we reserve the right to deduct this tax at other times such as when you make purchase payments or when you make a full surrender from your contract.
Valuing Your Investment
We value your accounts as follows:
The Fixed Account
We value the amounts you allocate to the fixed account directly in dollars. The value of the fixed account equals:
•
the sum of your purchase payments and transfer amounts allocated to the fixed account;
•
plus interest credited;
•
minus the sum of amounts surrendered (including any applicable surrender charges) and amounts transferred out; and
•
minus any prorated portion of the contract administrative charge.
Subaccounts
We convert amounts you allocated to the subaccounts into accumulation units. Each time you make a purchase payment or transfer amounts into one of the subaccounts, we credit a certain number of accumulation units to your contract for that subaccount. Conversely, we subtract a certain number of accumulation units from your contract each time you take a partial surrender, transfer amounts out of a subaccount or we assess a contract administrative charge or a surrender charge.
The accumulation units are the true measure of investment value in each subaccount during the accumulation period. They are related to, but not the same as, the net asset value of the fund in which the subaccount invests.
The dollar value of each accumulation unit can rise or fall daily depending on the variable account expenses, performance of the fund and on certain fund expenses. Here is how we calculate accumulation unit values:
Number of units: to calculate the number of accumulation units for a particular subaccount we divide your investment by the current accumulation unit value.
Accumulation unit value: the current accumulation unit value for each subaccount equals the last value times the subaccount’s current net investment factor.
We determine the net investment factor by:
•
adding the fund’s current net asset value per share, plus the per share amount of any accrued income or capital gain dividends to obtain a current adjusted net asset value per share; then
•
dividing that sum by the previous adjusted net asset value per share; and
•
subtracting the percentage factor representing the mortality and expense risk fee from the result.
Because the net asset value of the fund may fluctuate, the accumulation unit value may increase or decrease. You bear all the investment risk in a subaccount.
Factors that affect subaccount accumulation units: accumulation units may change in two ways — in number and in value.
RiverSource Flexible Annuity — Prospectus 19
The number of accumulation units you own may fluctuate due to:
•
additional purchase payments you allocate to the subaccounts;
•
transfers into or out of the subaccounts;
•
partial surrenders;
•
surrender charges; and/or
•
deduction of a prorated portion of the contract administrative charge.
Accumulation unit values will fluctuate due to:
•
changes in fund net asset value;
•
fund dividends distributed to the subaccounts;
•
fund capital gains or losses;
•
fund operating expenses; and
•
mortality and expense risk fees.
20 RiverSource Flexible Annuity — Prospectus
Making the Most of Your Contract
Automated Dollar-Cost Averaging
Currently, you can use automated transfers to take advantage of dollar-cost averaging (investing a fixed amount at regular intervals). For example, you might have a set amount transferred monthly from a relatively conservative subaccount to a more aggressive one, or to several others, or from the fixed account to one or more subaccounts. There is no charge for dollar-cost averaging.
This systematic approach can help you benefit from fluctuations in accumulation unit values caused by fluctuations in the market values of the funds. Since you invest the same amount each period, you automatically acquire more units when the market value falls and fewer units when it rises. The potential effect is to lower your average cost per unit.
How dollar-cost averaging works 
By investing an equal number
of dollars each month
 
Month
Amount
invested
Accumulation
unit value
Number
of units
purchased
 
Jan
$100
$20
5.00
 
Feb
100
18
5.56
you automatically buy
more units when the
per unit market price is low
Mar
100
17
5.88
→
Apr
100
15
6.67
 
May
100
16
6.25
 
Jun
100
18
5.56
 
Jul
100
17
5.88
and fewer units
when the per unit
market price is high.
Aug
100
19
5.26
→
Sept
100
21
4.76
 
Oct
100
20
5.00
You paid an average price of $17.91 per unit over the 10 months, while the average market price actually was $18.10.
Dollar-cost averaging does not guarantee that any subaccount will gain in value nor will it protect against a decline in value if market prices fall. Because dollar-cost averaging involves continuous investing, your success will depend upon your willingness to continue to invest regularly through periods of low price levels. Dollar-cost averaging can be an effective way to help meet your long-term goals. For specific features contact your sales representative.
Transferring Among Accounts
You may transfer contract value from any one subaccount, or the fixed account, to another subaccount before annuity payouts begin. Certain restrictions apply to transfers involving the fixed account.
The date your request to transfer will be processed depends on when and how we receive it:
For transfer requests received in writing:
•
If we receive your transfer request at our Service Center in good order before the close of business, we will process your transfer using the accumulation unit value we calculate on the valuation date we received your transfer request.
•
If we receive your transfer request at our Service Center in good order at or after the close of business, we will process your transfer using the accumulation unit value we calculate on the next valuation date after we received your transfer request.
For transfer requests received by phone:
•
If we receive your transfer request at our Service Center in good order before the close of the NYSE, we will process your transfer using the accumulation unit value we calculate on the valuation date we received your transfer request.
•
If we receive your transfer request at our Service Center in good order at or after the close of the NYSE, we will process your transfer using the accumulation unit value we calculate on the next valuation date after we received your transfer request.
There is no charge for transfers. Before making a transfer, you should consider the risks involved in changing investments.
We may suspend or modify transfer privileges at any time.
For information on transfers after annuity payouts begin, see “Transfer policies” below.
RiverSource Flexible Annuity — Prospectus 21
Transfer Policies
•
Before annuity payouts begin, you may transfer contract values between the subaccounts. However, if you made a transfer from the fixed account to the subaccounts, you may not make a transfer from any subaccount back to the fixed account until the next contract anniversary.
•
We have reserved the right to limit transfers to the fixed account if the interest rate we are then currently crediting to the fixed account is equal to the minimum interest rate stated in the contract. Effective on April 6, 2020, transfers to the fixed account, are limited so the amount of contract value transferred to the fixed account cannot result in the value of the fixed account being greater than 20% of the contract value.
•
You may transfer contract values from the fixed account to the subaccounts once a year during a 31-day transfer period starting on each contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums).
•
If we receive your request in good order within 30 days before the contract anniversary date, the transfer from the fixed account to the subaccounts will be effective on the anniversary.
•
If we receive your request in good order on or within 30 days after the contract anniversary date, the transfer from the fixed account to the subaccounts will be effective on the valuation date we receive it.
•
We will not accept requests for transfers from the fixed account at any other time.
•
Once annuity payouts begin, you may not make transfers to or from the fixed account, but you may make transfers once per contract year among the subaccounts. During the annuity payout period, you cannot invest in more than five subaccounts at any one time unless we agree otherwise.
Market Timing
Market timing can reduce the value of your investment in the contract. If market timing causes the returns of an underlying fund to suffer, contract value you have allocated to a subaccount that invests in that underlying fund will be lower too. Market timing can cause you, any joint owner of the contract and your beneficiary(ies) under the contract a financial loss.
We seek to prevent market timing. Market timing is frequent or short-term trading activity. We do not accommodate short-term trading activities. Do not buy a contract if you wish to use short-term trading strategies to manage your investment. The market timing policies and procedures described below apply to transfers among the subaccounts within the contract. The underlying funds in which the subaccounts invest have their own market timing policies and procedures. The market timing policies of the underlying funds may be more restrictive than the market timing policies and procedures we apply to transfers among the subaccounts of the contract, and may include redemption fees. We reserve the right to modify our market timing policies and procedures at any time without prior notice to you.
Market timing may hurt the performance of an underlying fund in which a subaccount invests in several ways, including but not necessarily limited to:
•
diluting the value of an investment in an underlying fund in which a subaccount invests;
•
increasing the transaction costs and expenses of an underlying fund in which a subaccount invests; and,
•
preventing the investment adviser(s) of an underlying fund in which a subaccount invests from fully investing the assets of the fund in accordance with the fund’s investment objectives.
Funds available as investment options under the contract that invest in securities that trade in overseas securities markets may be at greater risk of loss from market timing, as market timers may seek to take advantage of changes in the values of securities between the close of overseas markets and the close of U.S. markets. Also, the risks of market timing may be greater for underlying funds that invest in securities such as small cap stocks, high yield bonds, or municipal securities, that may be traded infrequently.
In order to help protect you and the underlying funds from the potentially harmful effects of market timing activity, we apply the following market timing policy to discourage frequent transfers of contract value among the subaccounts of the variable account:
We try to distinguish market timing from transfers that we believe are not harmful, such as periodic rebalancing for purposes of an asset allocation, dollar-cost averaging and asset rebalancing program that may be described in this prospectus. There is no set number of transfers that constitutes market timing. Even one transfer in related accounts may be market timing. We seek to restrict the transfer privileges of a contract owner who makes more than three subaccount transfers in any 90-day period. We also reserve the right to refuse any transfer request, if, in our sole judgment, the dollar amount of the transfer request would adversely affect unit values.
22 RiverSource Flexible Annuity — Prospectus
If we determine, in our sole judgment, that your transfer activity constitutes market timing, we may modify, restrict or suspend your transfer privileges to the extent permitted by applicable law, which may vary based on the state law that applies to your contract and the terms of your contract. These restrictions or modifications may include, but not be limited to:
•
requiring transfer requests to be submitted only by first-class U.S. mail;
•
not accepting hand-delivered transfer requests or requests made by overnight mail;
•
not accepting telephone or electronic transfer requests;
•
requiring a minimum time period between each transfer;
•
not accepting transfer requests of an agent acting under power of attorney;
•
limiting the dollar amount that you may transfer at any one time;
•
suspending the transfer privilege; or
•
modifying instructions under an automated transfer program to exclude a restricted fund if you do not provide new instructions.
Subject to applicable state law and the terms of each contract, we will apply the policy described above to all contract owners uniformly in all cases. We will notify you in writing after we impose any modification, restriction or suspension of your transfer rights.
Because we exercise discretion in applying the restrictions described above, we cannot guarantee that we will be able to identify and restrict all market timing activity. In addition, state law and the terms of some contracts may prevent us from stopping certain market timing activity. Market timing activity that we are unable to identify and/or restrict may impact the performance of the underlying funds and may result in lower contract values.
In addition to the market timing policy described above, which applies to transfers among the subaccounts within your contract, you should carefully review the market timing policies and procedures of the underlying funds. The market timing policies and procedures of the underlying funds may be materially different than those we impose on transfers among the subaccounts within your contract and may include mandatory redemption fees as well as other measures to discourage frequent transfers. As an intermediary for the underlying funds, we are required to assist them in applying their market timing policies and procedures to transactions involving the purchase and exchange of fund shares. This assistance may include, but not be limited to, providing the underlying fund upon request with your Social Security Number, Taxpayer Identification Number or other United States government-issued identifier, and the details of your contract transactions involving the underlying fund. An underlying fund, in its sole discretion, may instruct us at any time to prohibit you from making further transfers of contract value to or from the underlying fund, and we must follow this instruction. We reserve the right to administer and collect on behalf of an underlying fund any redemption fee imposed by an underlying fund. Market timing policies and procedures adopted by underlying funds may affect your investment in the contract in several ways, including but not limited to:
•
Each fund may restrict or refuse trading activity that the fund determines, in its sole discretion, represents market timing.
•
Even if we determine that your transfer activity does not constitute market timing under the market timing policies described above which we apply to transfers you make under the contract, it is possible that the underlying fund’s market timing policies and procedures, including instructions we receive from a fund may require us to reject your transfer request. For example, while we will attempt to execute transfers permitted under any asset allocation, dollar-cost averaging and asset rebalancing programs that may be described in this prospectus, we cannot guarantee that an underlying fund’s market timing policies and procedures will do so. Orders we place to purchase fund shares for the variable account are subject to acceptance by the fund. We reserve the right to reject without prior notice to you any transfer request if the fund does not accept our order.
•
Each underlying fund is responsible for its own market timing policies, and we cannot guarantee that we will be able to implement specific market timing policies and procedures that a fund has adopted. As a result, a fund’s returns might be adversely affected, and a fund might terminate our right to offer its shares through the variable account.
•
Funds that are available as investment options under the contract may also be offered to other intermediaries who are eligible to purchase and hold shares of the fund, including without limitation, separate accounts of other insurance companies and certain retirement plans. Even if we are able to implement a fund’s market timing policies, we cannot guarantee that other intermediaries purchasing that same fund’s shares will do so, and the returns of that fund could be adversely affected as a result.
For more information about the market timing policies and procedures of an underlying fund, the risks that market timing pose to that fund, and to determine whether an underlying fund has adopted a redemption fee, see that fund’s prospectus.
RiverSource Flexible Annuity — Prospectus 23
How to Request a Transfer or Surrender
 
1 By automated transfers and automated partial surrenders
Your sales representative can help you set up automated transfers among your subaccounts or fixed account or partial surrenders from the accounts.
You can start or stop this service by written request or other method acceptable to us. You must allow 30 days for us to change any instructions that are currently in place.
•
Automated transfers from the fixed account to the subaccounts may not exceed an amount that, if continued, would deplete the fixed account within 12 months.
•
Automated surrenders may be restricted by applicable law under some contracts.
•
You may not make additional purchase payments if automated partial surrenders are in effect.
•
Automated partial surrenders may result in income taxes and penalties on all or part of the amount surrendered.
•
The balance in any account from which you make an automated transfer or automated partial surrender must be sufficient to satisfy your instructions. If not, we will suspend your entire automatic arrangement until the balance is adequate.
•
If we must suspend your automated transfer or automated partial surrender arrangement for six months, we reserve the right to discontinue the arrangement in its entirety.
 
Minimum amount
 
Transfers or surrenders:
$50
 
Maximum amount
 
Transfers or surrenders:
None
 
2 By phone
Call between 7 a.m. and 7 p.m. Central time:
1-800-862-7919 
Minimum amount
 
Transfers or Surrenders:
$250 or entire account balance
 
Maximum amount
 
Transfers:
Contract value or entire account balance
Surrenders:
$100,000
We answer telephone requests promptly, but you may experience delays when the call volume is unusually high. If you are unable to get through, use the mail procedure as an alternative.
We will honor any telephone transfer or surrender requests that we believe are authentic and we will use reasonable procedures to confirm that they are. This includes asking identifying questions and recording calls. As long as we follow the procedures, we (and our affiliates) will not be liable for any loss resulting from fraudulent requests.
Telephone transfers and surrenders are automatically available. You may request that telephone transfers and surrenders not be authorized from your account by writing to us.
 
3 By letter
Send your name, contract number, Social Security Number or Taxpayer Identification Number* and signed request for a transfer or surrender to:
RiverSource Life Insurance Company
70100 Ameriprise Financial Center
Minneapolis, MN 55474 
Minimum amount
 
Transfers or surrenders:
$250 or entire account balance
 
24 RiverSource Flexible Annuity — Prospectus
Maximum amount
 
Transfers or surrenders:
Contract value or entire account balance
*
Failure to provide your Social Security Number or Taxpayer Identification Number may result in mandatory tax withholding on the taxable portion of the distribution.
Surrenders
You may surrender all or part of your contract at any time before annuity payouts begin by sending us a written request or calling us.
The date your surrender request will be processed depends on when and how we receive it:
For surrender requests received in writing:
•
If we receive your surrender request at our Service Center in good order before the close of business, we will process your surrender using the accumulation unit value we calculate on the valuation date we received your surrender request.
•
If we receive your surrender request at our Service Center in good order at or after the close of business, we will process your surrender using the accumulation unit value we calculate on the next valuation date after we received your surrender request.
For surrender requests received by phone:
•
If we receive your surrender request at our Service Center in good order before the close of the NYSE, we will process your surrender using the accumulation unit value we calculate on the valuation date we received your surrender request.
•
If we receive your surrender request at our Service Center in good order at or after the close of the NYSE, we will process your surrender using the accumulation unit value we calculate on the next valuation date after we received your surrender request.
We may ask you to return the contract. You may have to pay a contract administrative charge and surrender charges (see “Charges and Adjustments”) and federal income taxes and penalties. State and local income taxes may also apply (see “Taxes”). You cannot make surrenders after annuity payouts begin except under Plan E (see “The Annuity Payout Period — Annuity Payout Plans”).
Any partial surrenders you take under the contract will reduce your contract value. As a result, the value of your death benefit will also be reduced. In addition, surrenders you are required to take satisfy RMDs under the Code may reduce the value of certain death benefits (see “Taxes — Qualified Annuities — Required Minimum Distributions”).
Surrender Policies
If you have a balance in more than one account and you request a partial surrender, we will withdraw money from all of your subaccounts and/or the fixed account in the same proportion as your value in each account correlates to the total contract value, unless requested otherwise. The minimum contract value after partial surrenders is $600.
Receiving Payment
 
1 By regular or express mail
•
payable to you;
•
mailed to address of record.
NOTE: We will charge you a fee if you request express mail delivery.
 
2 By electronic payment
•
request that payment be sent electronically to your bank;
•
pre-authorization required.
We may choose to permit you to have checks issued and delivered to an alternate payee or to an address other than your address of record. We may also choose to allow you to direct wires or other electronic payments to accounts owned by a third-party. We may have additional good order requirements that must be met prior to processing requests to make any payments to a party other than the owner or to an address other than the address of record. These requirements will be designed to ensure owner instructions are genuine and to prevent fraud.
RiverSource Flexible Annuity — Prospectus 25
NOTE: We will charge you a fee if you request that payment be wired to your bank. For instructions, please contact your sales representative.
Normally, we will send the payment within seven days after receiving your request in good order. However, we may postpone the payment if:
–
the NYSE is closed, except for normal holiday and weekend closings;
–
trading on the NYSE is restricted, according to SEC rules;
–
an emergency, as defined by SEC rules, makes it impractical to sell securities or value the net assets of the accounts; or
–
the SEC permits us to delay payment for the protection of security holders.
We may also postpone payment of the amount attributable to a purchase payment as part of the total surrender amount until cleared from the originating financial institution.
TSA – Special Provisions
Participants in Tax-Sheltered Annuities
If the contract is intended to be used in connection with an employer sponsored 403(b) plan, additional rules relating to this contract can be found in the annuity endorsement for tax sheltered 403(b) annuities. Unless we have made special arrangements with your employer, the contract is not intended for use in connection with an employer sponsored 403(b) plan that is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). In the event that the employer either by affirmative election or inadvertent action causes contributions under a plan that is subject to ERISA to be made to this contract, we will not be responsible for any obligations and requirements under ERISA and the regulations thereunder, unless we have prior written agreement with the employer. You should consult with your employer to determine whether your 403(b) plan is subject to ERISA.
In the event we have a written agreement with your employer to administer the plan pursuant to ERISA, special rules apply as set forth in the TSA endorsement.
The employer must comply with certain nondiscrimination requirements for certain types of contributions under a TSA contract to be excluded from taxable income. You should consult your employer to determine whether the nondiscrimination rules apply to you.
The Code imposes certain restrictions on your right to receive early distributions from a TSA:
•
Distributions attributable to salary reduction contributions (plus earnings) made after Dec. 31, 1988, or to transfers or rollovers from other contracts, may be made from the TSA only if:
–
you are at least age 59½;
–
you are disabled as defined in the Code;
–
you severed employment with the employer who purchased the contract;
–
the distribution is because of your death;
– you are terminally ill as defined in the Code;
– you are adopting or are having a baby;
– you are supplying Personal or Family Emergency Expense;
– you are a Domestic Abuse Victim;
– you are in need to cover Expenses and losses on account of a FEMA declared disaster;
–
the distribution is due to plan termination; or
–
you are a qualifying military reservist.
•
If you encounter a financial hardship (as provided by the Code), you may be eligible to receive a distribution of all contract values attributable to salary reduction contributions made after Dec. 31, 1988, but not the earnings on them.
•
Even though a distribution may be permitted under the above rules, it may be subject to IRS taxes and penalties (see “Taxes”).
•
The above restrictions on distributions do not affect the availability of the amount credited to the contract as of Dec. 31, 1988. The restrictions also do not apply to transfers or exchanges of contract value within the contract, or to another registered variable annuity contract or investment vehicle available through the employer.
•
If the contract has a loan provision, the right to receive a loan from your fixed account is described in detail in your contract. You may borrow from the contract value allocated to the fixed account.
26 RiverSource Flexible Annuity — Prospectus
Participants in the Texas Optional Retirement Program
You cannot receive distributions before retirement unless you become totally disabled or end your employment at a Texas college or university. This restriction affects your right to:
•
surrender all or part of your contract at any time; and
•
move up your retirement date.
If you are in the program for only one year, the portion of the purchase payments made by the state of Texas will be refunded to the state with no surrender charge. These restrictions are based on an opinion of the Texas Attorney General interpreting Texas law.
Participation in the Portland Public Schools TSA Program
We guarantee that your fixed account surrender value will not be less than the purchase payments (less amounts previously surrendered) provided:
•
you allocated all purchase payments only to the fixed account; and
•
you did not transfer money from the fixed account to any subaccount.
If you allocated payments to a subaccount or transferred money from the fixed account to a subaccount, the guarantee does not apply.
Changing Ownership
You may change ownership of your nonqualified annuity at any time by completing a change of ownership form we approve and sending it to our Service Center. The change will become binding on us when we receive and record it. We will honor any change of ownership request received in good order that we believe is authentic and we will use reasonable procedures to confirm authenticity. If we follow these procedures, we will not take any responsibility for the validity of the change.
If you have a nonqualified annuity, you may incur income tax liability by transferring, assigning or pledging any part of it. (See “Taxes.”)
If you have a qualified annuity, you may not sell, assign, transfer, discount or pledge your contract as collateral for a loan, or as security for the performance of an obligation or for any other purpose except as required or permitted by the Code. However, if the owner is a trust or custodian, or an employer acting in a similar capacity, ownership of the contract may be transferred to the annuitant.
RiverSource Flexible Annuity — Prospectus 27
Benefits Available Under the Contract
The following table summarizes information about the benefits available under the Contract. 
Name of Benefit
Purpose
Maximum Fee
Current Fee
Brief Description of Restrictions/
Limitations
Dollar Cost
Averaging
Allows the systematic
transfer of a specified
dollar amount among
the subaccounts or
from the fixed account
to one or more eligible
subaccounts
No charge
N/A
•Automated transfers from the fixed
account to the subaccounts may
not exceed an amount that, if
continued, would deplete the fixed
account within 12 months
Automated
Partial
Surrenders/
Systematic
Withdrawals
Allows automated
partial surrenders from
the contract
No charge
N/A
•Additional systematic payments are
not allowed with automated partial
surrenders
•May result in income taxes on all or
a portion of amounts surrendered
Death Benefit (if
death occurs
before the
annuitant’s 75th
birthday)
Provides a guaranteed
death benefit equal to
the greatest of the
Contract Value,
Contract Value as of
the most recent sixth
contract anniversary
minus any surrenders,
or purchase payments
minus any surrenders
No charge
N/A
•For Contracts issued in Oregon,
Texas and Washington, provides a
death benefit equal to the greater of
the purchase payments minus any
surrenders, or Contract Value
•Annuitizing the Contract terminates
the benefit
Death Benefit (if
death occurs on
or after the
annuitant’s 75th
birthday)
Provides a death
benefit equal to the
greater of the Contract
Value, or Contract
Value as of the most
recent sixth contract
anniversary minus any
surrenders
No charge
N/A
•For Contracts issued in Oregon,
Texas and Washington, provides a
death benefit equal to the Contract
Value
•Annuitizing the Contract terminates
the benefit
Benefits in Case of Death
We will pay the death benefit to your beneficiary upon the earlier of your death or the annuitant’s death if you die before the retirement date while this contract is in force. If a contract has more than one person as the owner, we will pay benefits upon the first to die of any owner or the annuitant.
For contracts issued in all states except Oregon, Texas and Washington:
If death occurs before the annuitant’s 75th birthday, the beneficiary receives the greatest of:
•
contract value;
•
contract value as of the most recent sixth contract anniversary, minus any surrenders since that anniversary; or
•
purchase payments minus any surrenders.
If death occurs on or after the annuitant’s 75th birthday, the beneficiary receives the greater of:
•
contract value; or
•
contract value as of the most recent sixth contract anniversary, minus any surrenders since that anniversary.
For contracts issued in Oregon, Texas and Washington:
If death occurs before the annuitant’s 75th birthday, the beneficiary receives the greater of:
•
purchase payments minus any surrenders; or
•
contract value.
If death occurs on or after the annuitant’s 75th birthday, the beneficiary receives the contract value.
28 RiverSource Flexible Annuity — Prospectus
When paying the beneficiary, we will process the death claim on the valuation date our death claim requirements are fulfilled. We will determine the contract’s value using the accumulation unit value we calculate on that valuation date. We pay interest, if any, at a rate no less than required by law. If requested, we will mail payment to the beneficiary within seven days after our death claim requirements are fulfilled.
If you die before your retirement date
Nonqualified annuities
If your spouse is sole beneficiary and you die before the retirement date, your spouse may keep the contract as owner with the contract value equal to the death benefit that would otherwise have been paid. To do this your spouse must, within 60 days after our death claim requirements are fulfilled, give us written instructions to continue the contract as owner.
If your beneficiary is not your spouse, we will pay the beneficiary in a lump sum unless you give us other written instructions. Generally, we must fully distribute the death benefit within five years of your death. However, the beneficiary may receive payouts under any annuity payout plan available under this contract if:
•
the beneficiary elects in writing, and payouts begin, no later than one year after your death, or other date as permitted by the IRS; and
•
the payout period does not extend beyond the beneficiary’s life or life expectancy.
Qualified annuities
The information below has been revised to reflect regulations issued by the Internal Revenue Service that describe the requirements for required minimum distributions when a person or entity inherit assets held in an IRA, 403(b) or qualified retirement plan. Contract owners are advised to work with a tax professional to understand their required minimum distribution obligations under the regulations and federal law.  The proposed regulations can be found in the IRS Notice 2024-2035.
•
Spouse beneficiary: If you have not elected an annuity payout plan, and if your spouse is the sole beneficiary, your spouse may either elect to treat the contract as his/her own, so long as he or she is eligible to do so, with the contract value equal to the death benefit that would otherwise have been paid or elect an annuity payout plan or another plan agreed to by us. If your spouse elects a payout plan, the payouts must begin no later than the year in which you would have reached age 73. If you attained age 73 at the time of death, payouts must begin no later than Dec. 31 of the year following the year of your death.
•
Non-spouse beneficiary: If you have not elected an annuity payout plan, and if death occurs on or after Jan. 1, 2020, the beneficiary is required to withdraw his or her entire inherited interest by December 31 of the 10th year following your date of death unless they qualify as an “eligible designated beneficiary.” Your beneficiary may be required to take distributions during the 10-year period if you died after your Required Beginning Date. Eligible designated beneficiaries may continue to take proceeds out over your life expectancy if you died prior to your Required Beginning Date or over the greater of your life expectancy or their life expectancy if you died after your Required Beginning Date. Eligible designated beneficiaries include:
•
the surviving spouse;
•
a lawful child of the owner under the age of 21 majority (remaining amount must be withdrawn by the earlier of the end of the year the minor turns 31 or end of the 10th year following the minor's death);
•
disabled within the meaning of Code section 72(m)(7);
•
chronically ill within the meaning of Code section 7702B(c)(2);
•
any other person who is not more than 10 years younger than the owner.
However, non-natural beneficiaries, such as estates and charities, are subject to a five-year rule to distribute the IRA if you died prior to your Required Beginning Date.
We will pay the beneficiary in a single sum unless the beneficiary elects to receive payouts under any payout plan available under this contract if:
•
the beneficiary elects in writing, and payouts begin, no later than one year following the year of your death; and
•
the payout period does not extend beyond December 31 of the 10th year following your death or the applicable life expectancy for an eligible designated beneficiary.
In the event of your beneficiary’s death, their beneficiary can elect to take a lump sum payment or annuitize the contract to deplete it within 10 years of your beneficiary’s death.
•
Annuity payout plan: If you elect an annuity payout plan, the payouts to your beneficiary may continue depending on the annuity payout plan you elect, subject to adjustment to comply with the IRS rules and regulations.
RiverSource Flexible Annuity — Prospectus 29
Death benefit payment in a lump sum: We may pay all or part of the death benefit to your beneficiary in a lump sum under either a nonqualified or qualified annuity. We pay all proceeds by check (unless the beneficiary has chosen to have death benefit proceeds directly deposited into another Ameriprise Financial, Inc. account).
How we handle contracts under unclaimed property laws
Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of inactivity of one to five years from either 1) the contract’s maturity date (the latest day on which income payments may begin under the contract) or 2) the date the death benefit is due and payable. If a contract matures or we determine a death benefit is payable, we will use our best efforts to locate you or designated beneficiaries. If we are unable to locate you or a beneficiary, proceeds will be paid to the abandoned property division or unclaimed property office of the state in which the beneficiary or you last resided, as shown in our books and records, or to our state of domicile. Generally, this surrender of property to the state is commonly referred to as “escheatment”. To avoid escheatment, and ensure an effective process for your beneficiaries, it is important that your personal address and beneficiary designations are up to date, including complete names, date of birth, current addresses and phone numbers, and taxpayer identification numbers for each beneficiary. Updates to your address or beneficiary designations should be sent to our Service Center.
Escheatment may also be required by law if a known beneficiary fails to demand or present an instrument or document to claim the death benefit in a timely manner, creating a presumption of abandonment. If your beneficiary steps forward (with the proper documentation) to claim escheated annuity proceeds, the state is obligated to pay any such proceeds it is holding.
For nonqualified deferred annuities, non-spousal death benefits are generally required to be distributed and taxed within five years from the date of death of the owner.
The Annuity Payout Period
As owner of the contract, you have the right to decide how and to whom annuity payouts will be made starting at the retirement date. You may select one of the annuity payout plans outlined below, or we may mutually agree on other payout arrangements. Currently, we make annuity payments on a monthly, quarterly, semi-annually and annual basis. Assuming the initial payment is on the same date, more frequent payments will generally result in higher total payments over the year. As discussed below, certain annuity payout options have a “guaranteed period,” during which payments are guaranteed to continue. Longer guaranteed periods will generally result in lower monthly annuity payment amounts. With a shorter guaranteed period, the amount of each annuity payment will be greater. Payments that occur more frequently will be smaller than those occurring less frequently.
We do not deduct any surrender charges upon retirement but surrender charges may apply when electing to exercise liquidity features we may make available under certain fixed annuity payout options.
You also decide whether we will make annuity payouts on a fixed or variable basis, or a combination of fixed and variable. The amount available to purchase payouts under the plan you select is the contract value on your retirement date. Additionally, we currently allow you to use part of the amount available to purchase payouts, leaving any remaining contract value to accumulate on a tax-deferred basis. Special rules apply for partial annuitization of your annuity contract, see “Taxes – Nonqualified Annuities – Annuity Payouts” and “Taxes – Qualified Annuities – Annuity Payouts.” During the annuity payout period, you cannot invest in more than five subaccounts at any one time unless we agree otherwise.
Amounts of fixed and variable payouts depend on:
•
the annuity payout plan you select;
•
the annuitant’s age and, in most cases, sex;
•
the annuity table in the contract; and
•
the amounts you allocated to the accounts at settlement.
In addition, for variable annuity payouts only, amounts depend on the investment performance of the subaccounts you select. These payouts will vary from month to month because the performance of the funds will fluctuate. Fixed payouts generally remain the same from month to month unless you have elected an option providing for increasing payments.
For information with respect to transfers between accounts after annuity payouts begin, see “Making the Most of Your Contract – Transfer Policies.”
Annuity Tables
The annuity tables in your contract (Table A and Table B) show the amount of the monthly payment for each $1,000 of contract value according to the age and, when applicable, the annuitant’s sex. (Where required by law, we will use a unisex table of settlement rates.)
30 RiverSource Flexible Annuity — Prospectus
Table A shows the amount of the first monthly variable annuity payout assuming that the contract value is invested at the beginning of the annuity payout period and earns a 5% rate of return, which is reinvested and helps to support future payouts. If you ask us at least 30 days before the retirement date, we will substitute an annuity table based on an assumed 3.5% investment rate for the 5% Table A. The assumed investment rate affects both the amount of the first payout and the extent to which subsequent payouts increase or decrease. For example, annuity payouts will increase if the investment return is above the assumed investment rate and payouts will decrease if the return is below the assumed investment rate. Using a 5% assumed interest rate results in a higher initial payment, but later payouts will increase more slowly when annuity unit values rise and decrease more rapidly when they decline.
Table B shows the minimum amount of each fixed annuity payout. We declare current payout rates that we use in determining the actual amount of your fixed annuity payout. The current payout rates will equal or exceed the guaranteed payout rates shown in Table B. We will furnish these rates to you upon request.
Annuity Payout Plans
We make available variable annuity payouts where payout amounts may vary based on the performance of the variable account. We may also make fixed annuity payouts available where payments of a fixed amount are made for the period specified in the plan, subject to any surrender we may permit. You may choose any one of these annuity payout plans by giving us written instructions at least 30 days before the retirement date:
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Plan A – Life annuity – no refund: We make monthly payouts until the annuitant’s death. Payouts end with the last payout before the annuitant’s death. We will not make any further payouts. This means that if the annuitant dies after we have made only one monthly payout, we will not make any more payouts.
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Plan B – Life annuity with five, ten or 15 years certain: We make monthly payouts for a guaranteed payout period of five, ten or 15 years that you elect. This election will determine the length of the payout period to the beneficiary if the annuitant should die before the elected period expires. We calculate the guaranteed payout period from the retirement date. If the annuitant outlives the elected guaranteed payout period, we will continue to make payouts until the annuitant’s death.
•
Plan C – Life annuity – installment refund: We make monthly payouts until the annuitant’s death, with our guarantee that payouts will continue for some period of time. We will make payouts for at least the number of months determined by dividing the amount applied under this option by the first monthly payout, whether or not the annuitant is living.
•
Plan D – Joint and last survivor life annuity – no refund: We make monthly payouts while both the annuitant and a joint annuitant are living. If either annuitant dies, we will continue to make monthly payouts at the full amount until the death of the surviving annuitant. Payouts end with the death of the second annuitant.
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Plan E – Payouts for a specified period: We make monthly payouts for a specific payout period of ten to 30 years that you elect. We will make payouts only for the number of years specified whether the annuitant is living or not. Depending on the selected time period, it is foreseeable that an annuitant can outlive the payout period selected. During the payout period, you can elect to have us determine the present value of any remaining payouts and pay it to you in a lump sum.
For Plan A, if the annuitant dies before the initial payment, no payments will be made. For Plan B, if the annuitant dies before the initial payment, the payments will continue for the guaranteed payout period. For Plan C, if the annuitant dies before the initial payment, the payments will continue for the installment refund period. For Plan D, if both annuitants die before the initial payment, no payments will be made; however, if one annuitant dies before the initial payment, the payments will continue until the death of the surviving annuitant.
In addition to the annuity payout plans described above, we may offer additional payout plans. These plans may include cash refund features providing a guarantee of receiving at least a return of the settlement amount (less any annuity payments made and premium taxes paid) in the event of the annuitant’s death, term certain installment plans with varying durations, and liquidity features allowing access under certain circumstances to a surrender of the underlying value of remaining payouts. Terms and conditions of annuity payout plans will be disclosed at the time of election, including any associated fees or charges. It is important to remember that the election and use of liquidity features may either reduce the amount of future payouts you would otherwise receive or result in payouts ceasing.
Utilizing a liquidity feature to surrender the underlying value of remaining payouts may result in the assessment of a surrender charge (See “Charges and Adjustments – Transaction Expenses – Surrender Charge”) or a 10% IRS penalty tax. (See “Taxes.”).
The annuitant's age at the time annuity payments commence will affect the amount of each payment for annuity payment plans involving lifetime income.  The amount of each annuity payment to older annuitants will be greater than for younger annuitants because payments to older annuitants are expected to be fewer in number.  For annuity payment plans that do not involve lifetime income, the length of the guaranteed period will affect the amount of each payment. 
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Annuity payout plan requirements for qualified annuities: If your contract is a qualified annuity, you must select a payout plan as of the retirement date set forth in your contract. You have the responsibility for electing a payout plan that complies with your contract and with applicable law. Your contract describes your payout plan options. The options will generally meet certain IRS regulations governing RMDs if the payout plan meets the incidental distribution benefit requirements, if any, and the payouts are made:
•
in equal or substantially equal payments over a period not longer than the life expectancy of the annuitant or over the life expectancy of the annuitant and designated beneficiary; or
•
over a period certain not longer than the life expectancy of the annuitant or over the life expectancy of the annuitant and designated beneficiary.
If we do not receive instructions: You must give us written instructions for the annuity payouts at least 30 days before the annuitant’s retirement date. If you do not, we will make payouts under Plan B, with 120 monthly payouts guaranteed. Contract values that you allocated to the fixed account will provide fixed dollar payouts and contract values that you allocated among the subaccounts will provide variable annuity payouts.
If monthly payouts would be less than $20: We will calculate the amount of monthly payouts at the time amounts are applied to purchase a payout plan. If the calculations show that monthly payouts would be less than $20, we have the right to pay the contract value to the owner in a lump sum.
Death after annuity payouts begin: If you or the annuitant die after annuity payouts begin, we will pay any amount payable to the beneficiary as provided in the annuity payout plan in effect. Payments to beneficiaries are subject to adjustment to comply with the IRS rules and regulations.
Taxes
Under current law, your contract has a tax-deferral feature. Generally, this means you do not pay income tax until there is a taxable distribution (or deemed distribution) from the contract. We will send a tax information reporting form for any year in which we made a taxable or reportable distribution according to our records.
Nonqualified Annuities
Generally, only the increase in the value of a non-qualified annuity contract over the investment in the contract is taxable. Certain exceptions apply. Federal tax law requires that all nonqualified deferred annuity contracts issued by the same company (and possibly its affiliates) to the same owner during a calendar year be taxed as a single, unified contract when distributions are taken from any one of those contracts.
Annuity payouts: Generally, unlike surrenders described below, the income taxation of annuity payouts is subject to exclusion ratios (for fixed annuity payouts) or annual excludable amounts (for variable annuity payouts). In other words, in most cases, a portion of each payout will be ordinary income and subject to tax, and a portion of each payout will be considered a return of part of your investment in the contract and will not be taxed. All amounts you receive after your investment in the contract is fully recovered will be subject to tax. Under Annuity Payout Plan A: Life annuity — no refund, where the annuitant dies before your investment in the contract is fully recovered, the remaining portion of the unrecovered investment may be available as a federal income tax deduction to the owner for the last taxable year. Under all other annuity payout plans, where the annuity payouts end before your investment in the contract is fully recovered, the remaining portion of the unrecovered investment may be available as a federal income tax deduction to the taxpayer for the tax year in which the payouts end. (See “The Annuity Payout Period — Annuity Payout Plans.”)
Federal tax law permits taxpayers to annuitize a portion of their nonqualified annuity while leaving the remaining balance to continue to grow tax-deferred. Under the partial annuitization rules, the portion annuitized must be received as an annuity for a period of 10 years or more, or for the lives of one or more individuals. If this requirement is met, the annuitized portion and the tax-deferred balance will generally be treated as two separate contracts for income tax purposes only. If a contract is partially annuitized, the investment in the contract is allocated between the deferred and the annuitized portions on a pro rata basis.
Surrenders: Generally, if you surrender all or part of your nonqualified annuity before your annuity payouts begin, your surrender will be taxed to the extent that the contract value immediately before the withdrawal exceeds the investment in the contract. Different rules may apply if you exchange another contract into this contract.
You also may have to pay a 10% IRS penalty for surrenders of taxable income you make before reaching age 59½ unless certain exceptions apply.
Withholding: If you receive taxable income as a result of an annuity payout or surrender, we may deduct federal, and in some cases state, withholding against the payment. Any withholding represents a prepayment of your income tax due for the year. You take credit for these amounts on your annual income tax return. As long as you have provided us with a valid Social Security Number or Taxpayer Identification Number, and you have a valid U.S. address, you may be able to elect not to have federal income tax withholding occur.
32 RiverSource Flexible Annuity — Prospectus
If the payment is part of an annuity payout plan, we generally compute the amount of federal income tax withholding using payroll tables. You may complete our Form W-4P to use in calculating the withholding if you want withholding other than the default (single filing status with no adjustments). If the distribution is any other type of payment (such as partial or full surrender) we compute federal income tax withholding using 10% of the taxable portion unless you elect a different percentage via our Form W-4R or another acceptable method.
The federal income tax withholding requirements differ if we deliver payment outside the United States or you are a non-resident alien.
Some states also may impose income tax withholding requirements similar to the federal withholding described above or may allow you to elect withholding. If this should be the case, we may deduct state income tax withholding from the payment.
Federal and state tax withholding rules are subject to change. Annuity payouts and surrenders are subject to the tax withholding rules in effect at the time that they are made, which may differ from the rules described above.
Death benefits to beneficiaries: The death benefit under a nonqualified contract is not exempt from estate (federal or state) taxes. In addition, for income tax purposes, any amount your beneficiary receives that exceeds the remaining investment in the contract is taxable as ordinary income to the beneficiary in the year he or she receives the payments. (See also “Benefits in Case of Death — If You Die Before the Retirement Date”).
Net Investment Income Tax (also known as Medicare contribution tax): Effective for taxable years beginning on or after January 1, 2013, certain investment income of high-income individuals (as well as estates and trusts) is subject to a 3.8% net investment income tax (as an addition to income taxes). For individuals, the 3.8% tax applies to the lesser of (1) the amount by which the taxpayer’s modified adjusted gross income exceeds $200,000 ($250,000 for married filing jointly and surviving spouses; $125,000 for married filing separately) or (2) the taxpayer’s “net investment income.” Net investment income includes taxable income from nonqualified annuities. Annuity holders are advised to consult their tax advisor regarding the possible implications of this additional tax.
Annuities owned by corporations, partnerships or irrevocable trusts: For nonqualified annuities, any annual increase in the value of annuities held by such entities (non-natural persons) generally will be treated as ordinary income received during that year. However, if the trust was set up for the benefit of a natural person(s) only, the income may remain tax-deferred until surrendered or paid out.
Penalties: If you receive amounts from your nonqualified annuity before reaching age 59½, you may have to pay a 10% IRS penalty on the amount includable in your ordinary income. However, this penalty will not apply to any amount received:
•
because of your death or in the event of non-natural ownership, the death of annuitant;
•
because you become disabled (as defined in the Code);
•
if the distribution is part of a series of substantially equal periodic payments, made at least annually, over your life or life expectancy (or joint lives or life expectancies of you and your beneficiary);
•
if it is allocable to an investment before Aug. 14, 1982; or
•
if annuity payouts are made under immediate annuities as defined by the Code.
Transfer of ownership: Generally, if you transfer ownership of a nonqualified annuity without receiving adequate consideration, the transfer may be taxed as a surrender for federal income tax purposes. If the transfer is a currently taxable event for income tax purposes, the original owner will be taxed on the amount of deferred earnings at the time of the transfer and also may be subject to the 10% IRS penalty discussed earlier. In this case, the new owner’s investment in the contract will be equal to the investment in the contract at the time of the transfer plus any earnings included in the original owner’s taxable income as a result of the transfer. In general, this rule does not apply to transfers between spouses or former spouses. Similar rules apply if you transfer ownership for full consideration. Please consult your tax advisor for further details.
1035 Exchanges of nonqualified annuities: Section 1035 of the Code permits nontaxable exchanges of certain insurance policies, endowment contracts, annuity contracts and qualified long-term care insurance contracts while providing for continued tax deferral of earnings. In addition, Section 1035 permits the carryover of the investment in the contract from the old policy or contract to the new policy or contract. In a 1035 exchange one policy or contract is exchanged for another policy or contract. The following can qualify as nontaxable exchanges: (1) the exchange of a life insurance policy for another life insurance policy or for an endowment, annuity or qualified long-term care insurance contract, (2) the exchange of an endowment contract for an annuity or qualified long-term care insurance contract, or for an endowment contract under which payments will begin no later than payments would have begun under the contract exchanged, (3) the exchange of an annuity contract for another annuity or for a qualified long-term care insurance contract, and (4) the exchange of a qualified long-term care insurance contract for a qualified long-term care insurance contract. Additionally, other tax rules apply. However, if the life insurance policy has an outstanding loan, there may be
RiverSource Flexible Annuity — Prospectus 33
tax consequences. Depending on the issue date of your original policy or contract, there may be tax or other benefits that are given up to gain the benefits of the new policy or contract. Consider whether the features and benefits of the new policy or contract outweigh any tax or other benefits of the old contract.
For a partial exchange of an annuity contract for another annuity contract, the 1035 exchange is generally tax-free. The investment in the original contract and the earnings on the contract will be allocated proportionately between the original and new contracts. However, per IRS Revenue Procedure 2011-38, if surrenders are taken from either contract within the 180-day period following a partial 1035 exchange, the IRS will apply general tax principles to determine the appropriate tax treatment of the exchange and subsequent surrender. As a result, there may be unexpected tax consequences. You should consult your tax advisor before taking any surrender from either contract during the 180-day period following a partial exchange.
Assignment: If you assign or pledge your contract as collateral for a loan, earnings on purchase payments you made after Aug. 13, 1982 will be taxed as a deemed distribution and also may be subject to the 10% penalty as discussed above.
Qualified Annuities
Adverse tax consequences may result if you do not ensure that contributions, distributions and other transactions under the contract comply with the law. Qualified annuities have minimum distribution rules that govern the timing and amount of distributions. You should refer to your retirement plan’s Summary Plan Description, your IRA disclosure statement, or consult a tax advisor for additional information about the distribution rules applicable to your situation.
When you use your contract to fund a retirement plan or IRA that is already tax-deferred under the Code, the contract will not provide any necessary or additional tax deferral. If your contract is used to fund an employer sponsored plan, your right to benefits may be subject to the terms and conditions of the plan regardless of the terms of the contract.
Annuity payouts: Under a qualified annuity, except a Roth IRA, Roth 401(k) or Roth 403(b), the entire payout generally is includable as ordinary income and is subject to tax unless: (1) the contract is an IRA to which you made non-deductible contributions; or (2) you rolled after-tax dollars from a retirement plan into your IRA; or 3) the contract is used to fund a retirement plan and you or your employer have contributed after-tax dollars; or (4) the contract is used to fund a retirement plan and you direct such payout to be directly rolled over to another eligible retirement plan such as an IRA. We may permit partial annuitizations of qualified annuity contracts. If we accept partial annuitizations, please remember that your contract will still need to comply with other requirements such as required minimum distributions and the payment of taxes. Prior to considering a partial annuitization on a qualified contract, you should discuss your decision and any implications with your tax adviser. Because we cannot accurately track certain after tax funding sources, we will generally report any payments on partial annuitizations as ordinary income except in the case of a qualified distribution from a Roth IRA.
Annuity payouts from Roth IRAs: In general, the entire payout from a Roth IRA can be free from income and penalty taxes if you have attained age 59½ and meet the five year holding period.
Surrenders: Under a qualified annuity, except a Roth IRA, Roth 401(k) or Roth 403(b), the entire surrender will generally be includable as ordinary income and is subject to tax unless: (1) the contract is an IRA to which you made non-deductible contributions; or (2) you rolled after-tax dollars from a retirement plan into your IRA; or (3) the contract is used to fund a retirement plan and you or your employer have contributed after-tax dollars; or (4) the contract is used to fund a retirement plan and you direct such surrender to be directly rolled over to another eligible retirement plan such as an IRA.
Surrenders from Roth IRAs: In general, the entire payout from a Roth IRA can be free from income and penalty taxes if you have attained age 59½ and meet the five year holding period or another qualifying event such as death or disability.
Required Minimum Distributions: Retirement plans (except for Roth IRAs) are subject to required surrenders called required minimum distributions (“RMDs”) beginning at age 73. RMDs are based on the fair market value of your contract at year-end divided by the life expectancy factor. Certain death benefits may be considered in determining the fair market value of your contract for RMD purposes. This may cause your RMD to be higher. Inherited IRAs (including inherited Roth IRAs) are subject to special required minimum distribution rules. You should consult your tax advisor prior to making a purchase for an explanation of the potential tax implications to you.
Withholding for IRAs, Roth IRAs, SEPs and SIMPLE IRAs: If you receive taxable income as a result of an annuity payout or a surrender, we may deduct withholding against the payment. Any withholding represents a prepayment of your tax due for the year. You take credit for these amounts on your annual income tax return. As long as you have provided us with a valid Social Security Number or Taxpayer Identification Number, you can elect not to have any withholding occur.
34 RiverSource Flexible Annuity — Prospectus
If the payment is part of an annuity payout plan, we generally compute the amount of federal income tax withholding using payroll tables. You may complete our Form W-4P to use in calculating the withholding if you want withholding other than the default (single filing status with no adjustments). If the distribution is any other type of payment (such as partial or full surrender) we compute federal income tax withholding using 10% of the taxable portion unless you elect a different percentage via our Form W-4R or another acceptable method.
The federal income tax withholding requirements differ if we deliver payment outside the United States or you are a non-resident alien.
Some states also may impose income tax withholding requirements similar to the federal withholding described above. If this should be the case, we may deduct state income tax withholding from the payment.
Withholding for all other qualified annuities where RiverSource or Ameriprise Trust Company is responsible for tax reporting: If you receive directly all or part of the contract value from a qualified annuity, mandatory 20% federal income tax withholding (and possibly state income tax withholding) generally will be imposed at the time the payout is made from the plan. Any withholding represents a prepayment of your tax due for the year. You take credit for these amounts on your annual income tax return. This mandatory withholding will not be imposed if instead of receiving the distribution check, you elect to have the distribution rolled over directly to an IRA or another eligible plan. Payments made to a surviving spouse instead of being directly rolled over to an IRA are also subject to mandatory 20% income tax withholding.
In the below situations, the distribution is subject to optional withholding instead of the mandatory 20% withholding. We will withhold 10% of the distribution amount unless you elect otherwise.
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the payout is one in a series of substantially equal periodic payouts, made at least annually, over your life or life expectancy (or the joint lives or life expectancies of you and your designated beneficiary) or over a specified period of 10 years or more;
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the payout is a RMD as defined under the Code;
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the payout is made on account of an eligible hardship; or
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the payout is a corrective distribution.
State withholding also may be imposed on taxable distributions.
Penalties: If you receive amounts from your qualified contract before reaching age 59½, you may have to pay a 10% IRS penalty on the amount includable in your ordinary income. However, this penalty generally will not apply to any amount received:
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because of your death;
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because you become disabled (as defined in the Code);
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if the distribution is part of a series of substantially equal periodic payments made at least annually, over your life or life expectancy (or joint lives or life expectancies of you and your beneficiary);
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if the distribution is made following severance from employment during or after the calendar year in which you attain age 55 (TSAs and annuities funding 401(a) plans only);
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to pay certain medical or education expenses (IRAs only);
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if the distribution is made from an inherited IRA; or
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any other instances as allowed by the IRS.
Death benefits to beneficiaries: The entire death benefit generally is taxable as ordinary income to the beneficiary in the year he/she receives the payments from the qualified annuity. If you made non-deductible contributions to a traditional IRA, the portion of any distribution from the contract that represents after-tax contributions is not taxable as ordinary income to your beneficiary. You are responsible for keeping all records tracking your non-deductible contributions to an IRA. Under current IRS requirements, death benefits under a Roth IRA generally are not taxable as ordinary income to the beneficiary if certain distribution requirements are met. (See also “Benefits in Case of Death — If you Die Before the Retirement Date”).
Change of retirement plan type: IRS regulations allow for rollovers of certain retirement plan distributions. In some circumstances, you may be able to have an intra-contract rollover, keeping the same features and conditions. If the annuity contract you have does not support an intra-contract rollover, you are able to request an IRS approved rollover to another annuity contract or other investment product that you choose. If you choose another annuity contract or investment product, you will be subject to new rules, including a new surrender charge schedule for an annuity contract, or other product rules as applicable.
Assignment: You may not assign or pledge your qualified contract as collateral for a loan.
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Other
Important: Our discussion of federal tax laws is based upon our understanding of current interpretations of these laws. Federal tax laws or current interpretations of them may change. For this reason and because tax consequences are complex and highly individual and cannot always be anticipated, you should consult a tax advisor if you have any questions about taxation of your contract.
RiverSource Life’s tax status: We are taxed as a life insurance company under the Code. For federal income tax purposes, the subaccounts are considered a part of our company, although their operations are treated separately in accounting and financial statements. Investment income is reinvested in the fund in which each subaccount invests and becomes part of that subaccount’s value. This investment income, including realized capital gains, is not subject to any withholding for federal or state income taxes. We reserve the right to make such a charge in the future if there is a change in the tax treatment of variable annuities or in our tax status as we then understand it.
The company includes in its taxable income the net investment income derived from the investment of assets held in its subaccounts because the company is considered the owner of these assets under federal income tax law.  The company may claim certain tax benefits associated with this investment income.  These benefits, which may include foreign tax credits and the corporate dividend received deduction, are not passed on to you since the company is the owner of the assets under federal tax law and is taxed on the investment income generated by the assets. 
Tax qualification: We intend that the contract qualify as an annuity for federal income tax purposes. To that end, the provisions of the contract are to be interpreted to ensure or maintain such tax qualification, in spite of any other provisions of the contract. We reserve the right to amend the contract to reflect any clarifications that may be needed or are appropriate to maintain such qualification or to conform the contract to any applicable changes in the tax qualification requirements. We will send you a copy of any amendments.
Spousal status: When it comes to your marital status and the identification and naming of any spouse as a beneficiary or party to your contract, we will rely on the representations you make to us. Based on this reliance, we will issue and administer your contract in accordance with these representations. If you represent that you are married and your representation is incorrect or your marriage is deemed invalid for federal or state law purposes, then the benefits and rights under your contract may be different.
If you have any questions as to the status of your relationship as a marriage, then you should consult an appropriate tax or legal advisor.
Voting Rights
As a contract owner with investments in the subaccounts, you may vote on important fund policies until annuity payouts begin. Once they begin, the person receiving them has voting rights. We will vote fund shares according to the instructions of the person with voting rights.
Before annuity payouts begin, the number of votes you have is determined by applying your percentage interest in each subaccount to the total number of votes allowed to the subaccount.
After annuity payouts begin, the number of votes you have is equal to:
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the reserve held in each subaccount for your contract; divided by
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the net asset value of one share of the applicable fund.
As we make annuity payouts, the reserve for the contract decreases; therefore, the number of votes also will decrease.
We calculate votes separately for each subaccount. We will send notice of shareholders’ meetings, proxy materials and a statement of the number of votes to which the voter is entitled. We are the legal owner of all fund shares and therefore hold all voting rights.  However, to the extent required by law, we will vote the shares of each fund according to instructions we receive from policy owners. We will vote shares for which we have not received instructions and shares that we or our affiliates own in our own names in the same proportion as the votes for which we received instructions. As a result of this proportional voting, in cases when a small number of contract owners vote, their votes will have a greater impact and may even control the outcome.
To the extent that voting rights created under applicable federal securities laws are revised or alter the voting rights described herein, we reserve the right to proceed in accordance with those laws and regulatory guidance.
Substitution of Investments
We may substitute the funds in which the subaccounts invest if:
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laws or regulations change;
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the existing funds become unavailable; or
36 RiverSource Flexible Annuity — Prospectus
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in our judgment, the funds no longer are suitable (or are not the most suitable) for the subaccounts.
If any of these situations occur, we have the right to substitute a fund currently listed in this prospectus (existing fund) for another fund (new fund), provided we obtain any required SEC and state insurance law approval. The new fund may have higher fees and/or operating expenses than the existing fund. Also, the new fund may have investment objectives and policies and/or investment advisers which differ from the existing fund.
We may also:
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add new subaccounts;
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combine any two or more subaccounts;
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transfer assets to and from the subaccounts or the variable account; and
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eliminate or close any subaccounts.
We will notify you of any substitution or change.
In the event of any such substitution or change, we may amend the contract and take whatever action is necessary and appropriate without your consent or approval. We will obtain any required prior approval of the SEC or state insurance departments before making any substitution or change.
About the Service Providers
Principal Underwriter
RiverSource Distributors, Inc. (RiverSource Distributors), our affiliate, serves as the principal underwriter and general distributor of the contract. Its offices are located at 70100 Ameriprise Financial Center, Minneapolis, MN 55474. RiverSource Distributors is a wholly-owned subsidiary of Ameriprise Financial, Inc.
Sales of the Contract
New contracts are not currently being offered.
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Only securities broker-dealers (“selling firms”) registered with the SEC and members of the FINRA may sell the contract.
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The contracts are continuously offered to the public through authorized selling firms. We and RiverSource Distributors have a sales agreement with the selling firm. The sales agreement authorizes the selling firm to offer the contracts to the public. RiverSource Distributors pays the selling firm (or an affiliated insurance agency) for contracts its investment professionals sell. The selling firm may be required to return sales commissions under certain circumstances including but not limited to when contracts are returned under the free look period.
Payments We May Make to Selling Firms
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We may use compensation plans which vary by selling firm. For example, some of these plans pay selling firms a commission of up to 5.5% We may also pay ongoing trail commissions of up to 0.175% of the contract value. We do not pay or withhold payment of trail commissions based on which investment options you select.
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We may pay selling firms an additional sales commission of up to 1.00% of purchase payments for a period of time we select. For example, we may offer to pay an additional sales commission to get selling firms to market a new or enhanced contract or to increase sales during the period.
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In addition to commissions, we may, in order to promote sales of the contracts, and as permitted by applicable laws and regulation, pay or provide selling firms with other promotional incentives in cash, credit or other compensation. We generally (but may not) offer these promotional incentives to all selling firms. The terms of such arrangements differ between selling firms. These promotional incentives may include but are not limited to:
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sponsorship of marketing, educational, due diligence and compliance meetings and conferences we or the selling firm may conduct for investment professionals, including subsidy of travel, meal, lodging, entertainment and other expenses related to these meetings;
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marketing support related to sales of the contract including for example, the creation of marketing materials, advertising and newsletters;
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providing service to contract owners; and
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funding other events sponsored by a selling firm that may encourage the selling firm’s sales representatives to sell the contract.
These promotional incentives or reimbursements may be calculated as a percentage of the selling firm’s aggregate, net or anticipated sales and/or total assets attributable to sales of the contract, and/or may be a fixed dollar amount. As noted below this additional compensation may cause the selling firm and its sales representatives to favor the contracts.
RiverSource Flexible Annuity — Prospectus 37
Sources of Payments to Selling Firms
When we pay the commissions and other compensation described above from our assets. Our assets may include:
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revenues we receive from fees and expenses that you will pay when buying, owning and making a surrender from the contract (see “Fee Table and Examples”);
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compensation we or an affiliate receive from the underlying funds in the form of distribution and services fees (see “The Variable Account and the Funds – The Funds”);
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compensation we or an affiliate receive from a fund’s investment adviser, subadviser, distributor or an affiliate of any of these (see “The Variable Account and the Funds – The Funds”); and
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revenues we receive from other contracts we sell that are not securities and other businesses we conduct.
You do not directly pay the commissions and other compensation described above as the result of a specific charge or deduction under the contract. However, you may pay part or all of the commissions and other compensation described above indirectly through:
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fees and expenses we collect from contract owners, including surrender charges; and
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fees and expenses charged by the underlying subaccount funds in which you invest, to the extent we or one of our affiliates receive revenue from the funds or an affiliated person.
Potential Conflicts of Interest
Compensation payment arrangements made with selling firms can potentially:
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give selling firms a heightened financial incentive to sell the contract offered in this prospectus over another investment with lower compensation to the selling firm.
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cause selling firms to encourage their sales representatives to sell you the contract offered in this prospectus instead of selling you other alternative investments that may result in lower compensation to the selling firm.
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cause selling firms to grant us access to its sales representatives to promote sales of the contract offered in this prospectus, while denying that access to other firms offering similar contracts or other alternative investments which may pay lower compensation to the selling firm.
Payments to Investment Professionals
•
The selling firm pays its sales representatives. The selling firm decides the compensation and benefits it will pay its sales representatives.
•
To inform yourself of any potential conflicts of interest, ask the sales representative before you buy, how the selling firm and its sales representatives are being compensated and the amount of the compensation that each will receive if you buy the contract.
Issuer
We issue the contracts. We are a stock life insurance company organized in 1957 under the laws of the state of Minnesota and are located at 829 Ameriprise Financial Center, Minneapolis, MN 55474. We are a wholly-owned subsidiary of Ameriprise Financial, Inc.
We conduct a conventional life insurance business. We are licensed to do business in 49 states, the District of Columbia and American Samoa. Our primary products currently include fixed and variable annuity contracts (including registered index-linked annuity contracts) and life insurance policies.
We rely on the exemption from the reporting requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), provided by Rule 12h-7 under the 1934 Act. We are obligated to pay all amounts promised to you under the Contract, subject to our financial strength and claims-paying ability.
Legal Proceedings
RiverSource Life is involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions, concerning matters arising in connection with the conduct of its activities. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts, and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the insurance industry generally.
As with other insurance companies, the level of regulatory activity and inquiry concerning the Company’s businesses remains elevated. From time to time, the Company and its affiliates, including Ameriprise Financial Services, LLC (“AFS”) and RiverSource Distributors, Inc. receive requests for information from, and/or are subject to examination or
38 RiverSource Flexible Annuity — Prospectus
claims by various state, federal and other domestic authorities. The Company and its affiliates typically have numerous pending matters, which includes information requests, exams or inquiries regarding their business activities and practices and other subjects, including from time to time: sales and distribution of various products, including the Company’s life insurance and variable annuity products; supervision of associated persons, including AFS financial advisors and RiverSource Distributors Inc.’s wholesalers; administration of insurance and annuity claims; security of client information; and transaction monitoring systems and controls. The Company and its affiliates have cooperated and will continue to cooperate with the applicable regulators.
These legal proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss. The Company cannot predict with certainty if, how or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a loss or range of loss can be reasonably estimated for any proceeding. An adverse outcome in one or more proceedings could eventually result in adverse judgments, settlements, fines, penalties or other sanctions, in addition to further claims, examinations or adverse publicity that could have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity.
Financial Statements
The financial statements for RiverSource Account F, as well as the consolidated financial statements of RiverSource Life, are in the Statement of Additional Information. A current Statement of Additional Information may be obtained, without charge, by calling us at 1-800-862-7919, or can be found online at www.ameriprise.com/variableannuities.
RiverSource Flexible Annuity — Prospectus 39
Appendix A: Investment Options Available Under the Contract
The following is a list of funds available under the contract. More information about the funds is available in the prospectuses for the funds, which may be amended from time to time and can be found online at riversource.com. You can also request this information at no cost by calling 1-800-862-7919 or by sending an email request to [email protected].
The current expenses and performance information below reflects fee and expenses of the funds, but do not reflect the other fees and expenses that your contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of future performance. 
Investment Objective
Fund and
Adviser/Sub-Adviser
Current
Expenses
Ratio
[NET]
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Seeks long-term growth
of capital.
AB VPS Relative Value Portfolio (Class B)
AllianceBernstein L.P.
0.85%1
10.20%
11.15%
10.30%
Seeks long-term capital
appreciation.
Allspring VT Small Cap Growth Fund
(Class 2)
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
subadviser.
1.16%
9.25%
(0.96%)
9.94%
Seeks maximum total
investment return
through a combination
of capital growth and
current income.
Columbia Variable Portfolio - Balanced Fund
(Class 3)
Columbia Management Investment Advisers,
LLC
0.84%1
13.91%
8.59%
9.59%
Seeks to provide
shareholders with
long-term capital growth.
Columbia Variable Portfolio - Cornerstone
Growth Fund (Class 3) (previously Columbia
Variable Portfolio - Large Cap Growth Fund
(Class 3))
Columbia Management Investment Advisers,
LLC
0.84%
15.98%
13.90%
15.83%
Seeks to provide
shareholders with
capital appreciation.
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC
0.81%
14.49%
14.02%
13.45%
Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital.
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC
0.78%1
15.68%
11.74%
10.29%
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal.
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC
0.47%1
3.84%
2.88%
1.81%
Seeks to provide
shareholders with high
current income as its
primary objective and,
as its secondary
objective, capital
growth.
Columbia Variable Portfolio - High Yield Bond
Fund (Class 3)
Columbia Management Investment Advisers,
LLC
0.77%1
8.54%
4.03%
5.63%
40 RiverSource Flexible Annuity — Prospectus
Investment Objective
Fund and
Adviser/Sub-Adviser
Current
Expenses
Ratio
[NET]
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time.
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC
0.66%
9.04%
(0.54%)
2.65%
Seeks to provide
shareholders with
capital appreciation.
Columbia Variable Portfolio - Overseas Core
Fund (Class 3)
Columbia Management Investment Advisers,
LLC
0.93%
38.03%
9.05%
7.69%
Seeks to provide
shareholders with high
total return through
income and growth of
capital.
Columbia Variable Portfolio - Select
Corporate Income Fund (Class 3) (previously
Columbia Variable Portfolio - Corporate Bond
Fund (Class 3))
Columbia Management Investment Advisers,
LLC
0.60%1
7.74%
1.31%
2.05%
Seeks to provide
shareholders with
growth of capital.
Columbia Variable Portfolio - Select Mid Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC
0.96%1
14.98%
7.40%
12.03%
1
This Fund and its investment adviser and/or affiliates have entered into a temporary expense reimbursement arrangement and/or fee waiver. The Fund’s annual expenses reflect temporary fee reductions. Please see the Fund’s prospectus for additional information.
 
The following is a list of Fixed Options currently available under the Contract. We may change the features of the Fixed Options listed below or terminate existing Fixed Options. We will provide you with written notice before doing so. 
Name
Term
Contract
Issue
Year
Guaranteed
Minimum
Interest Rate*
Fixed Account
1 Year
1986
4.00%
1987-1998
3.00% or 4.00%
1999
3.00%
*
Guaranteed minimum interest rates vary by Issue State and Issue Date. See your Contract Data Page for your applicable minimum guaranteed interest rate.
RiverSource Flexible Annuity — Prospectus 41
 
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The Statement of Additional Information (SAI) includes additional information about the Contract. The SAI, dated the same date as this prospectus, is incorporated by reference into this prospectus. The SAI is available, without charge, upon request. For a free copy of the SAI, or for more information about the Contract, call us at 1-800-862-7919, visit our website at riversource.com/annuities or write to us at: 70100 Ameriprise Financial Center Minneapolis, MN 55474.
(RiverSource Annuity Logo) 
RiverSource Life Insurance Company (RiverSource Life)
70100 Ameriprise Financial Center
Minneapolis, MN 55474
Telephone: 1-800-862-7919
PRO9060_12_E01_(05/26)
Reports and other information about RiverSource Account F are available on the SEC’s website at http://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
 
EDGAR Contract Identifier: C000009755
© 2008-2026 RiverSource Life Insurance Company. All rights reserved.

PART B.

STATEMENT OF ADDITIONAL INFORMATION
FOR 
RIVERSOURCE® FLEXIBLE ANNUITY
RIVERSOURCE® VARIABLE RETIREMENT AND COMBINATION
RETIREMENT ANNUITIES
RIVERSOURCE ACCOUNT F
May 1, 2026
RiverSource Account F is a separate account established and maintained by RiverSource Life Insurance Company (RiverSource Life). This Statement of Additional Information (SAI) is not a prospectus. It should be read together with the prospectus dated the same date as this SAI, which may be obtained from your sales representative, or by writing or calling us at the address and telephone number below.
RiverSource Life Insurance Company
70100 Ameriprise Financial Center
Minneapolis, MN 55474
1-800-862-7919
SAI9005_12_E01_(05/26)
 1 ■ RiverSource Account F
Company
RiverSource Life Insurance Company (the “Company”, “we”, “our” and “us”) is a stock life insurance company organized in 1957 under the laws of the state of Minnesota, located at 829 Ameriprise Financial Center, Minneapolis, MN 55474. We are a wholly-owned subsidiary of Ameriprise Financial, Inc.
We conduct a conventional life insurance business. We are licensed to do business in 49 states, the District of Columbia and American Samoa. Our primary products currently include fixed and variable annuity contracts (including indexed linked annuity contracts) and life insurance policies.
Non-Principal Risks of Investing in the Contracts
Fund of Funds Risk. Funds that are “funds of funds” (or “feeder funds”) invest substantially all of their assets in other funds and will therefore bear a pro-rata share of fees and expenses incurred by both funds. This will reduce your investment return.
Money Market Fund Sub-Account Delay of Payment Risk. If, pursuant to SEC rules, a Fund that is a money market fund suspends payment of redemption proceeds in connection with a liquidation of such Fund, we will delay payment of any transfer, partial withdrawal, full surrender, or death benefit from the corresponding Subaccount until the Fund is liquidated.
Mixed and Shared Funding Risk. Fund shares may be sold to our insurance company affiliates or other unaffiliated insurance companies to serve as an underlying investment for variable annuity contracts and variable life insurance policies, pursuant to a practice known as mixed and shared funding. As a result, there is a possibility that a material conflict may arise between the interests of Owners, and other Owners investing in these Funds. If a material conflict arises, we will consider what action may be appropriate, including removing the Fund from the Variable Account or replacing the Fund with another underlying Fund.
BUSINESS CONTINUITY/DISASTER RECOVERY
Disruptive events, including natural or man-made disasters and public health crises may adversely affect our ability to conduct business, including if our employees, the employees of intermediaries or service providers are unable to perform their responsibilities as a result of any such event. Such disruptions to our business operations could interfere with processing of transactions (including the issuance of contracts). Also, disruptions may interfere with our ability to receive, pick up and process mail and messages, impact our ability to calculate values, or cause other operational or system issues. Furthermore, these disruptions may persist even if our employees, the employees of intermediaries or service providers are able to work remotely. These events may also impact the issuers of securities in which the Funds invest, which may cause the Funds to lose value. There can be no assurance that RiverSource Life, the Funds, or our service providers will avoid losses affecting your policy due to a disaster or other catastrophe.
Services
Our Service Center performs certain administrative services on the contracts and policies we issue. The address and telephone number of our Service Center are listed on the first page of the prospectus.
We also have entered into agreements with the following entities to provide the identified services in connection with the contracts and policies we issue. The entities engaged by RiverSource Life may change over time. We may modify, terminate, or enter into new arrangements with service providers at any time.
Entities that provide a significant amount of services to RiverSource Life are listed in the table below, along with a description of the services provided and the basis for compensation paid. 
Name of Service Provider
Services Provided
Principal Business Address
Basis for Compensation Paid
Ameriprise Financial, Inc. ("AFI")*
Business affairs management and
administrative support related to
new business and servicing of
existing contracts and policies
901 Third Avenue South
Minneapolis, MN 55402
USA
Expense allocation based primarily
on policies in force, secondarily on
policies issued or cash sales (for
acquisition expenses)
Ameriprise India LLP ("Amp India")*
Administrative support related to
new business and servicing of
existing contracts and policies
Plot No. 14, Sector 18
Udyog Vihar
Gurugram, Haryana – 122 015
India
Expense allocation based on
number of service provider
employees dedicated to
performing services
Foundever Asia, Inc. ("Foundever Asia")
(previously known as Sykes Enterprises
Incorporated)
Administrative support related to
new business and servicing of
existing contracts and policies
10th Floor, Glorietta
BPO 1 Office Tower
Makati City 1224
Metro Manila
Philippines
Expense allocation based on
number of contacts made or
received from customers
 
*
Affiliated Entities
The aggregate dollar amount paid to AFI by RiverSource Life for the services provided in 2025 was $16,451,499, in 2024 was $17,461,314 and in 2023 was $20,661,758.
RiverSource Account F ■ 2 
The aggregate dollar amount paid to Amp India by RiverSource Life for the services provided in 2025 was $5,940,667, in 2024 was $5,050,412 and in 2023 was $4,115,930.
The aggregate dollar amount paid to Foundever Asia by RiverSource Life for the services provided in 2025 was $1,196,788, in 2024 was $1,510,481 and in 2023 was $1,334,367.
Calculating Annuity Payouts
THE VARIABLE ACCOUNTS
We do the following calculations separately for each of the variable accounts. The separate monthly payouts, added together, make up your total variable annuity payout.
Initial Payout:  To compute your first monthly payment, we:
• determine the dollar value of your contract or certificate on the valuation date and deduct any applicable premium tax; then
• apply the result to the annuity table contained in the contract or certificate, or another table at least as favorable.
The annuity table shows the amount of the first monthly payment for each $1,000 of value which depends on factors built into the table, as described below.
Annuity Units:  We then convert the value of your variable account to annuity units. To compute the number of units credited to you, we divide the first monthly payment by the annuity unit value (see below) on the valuation date that falls on (or closest to the valuation date that falls before) the seventh calendar day before the retirement date. The number of units in your variable account is fixed. The value of the units fluctuates with the performance of the underlying fund.
Subsequent Payouts: To compute later payouts, we multiply:
• the annuity unit value on the valuation date by;
• the fixed number of annuity units credited to you.
Annuity Unit Values: We originally set  this value at $1 for each variable account. To calculate later values we multiply the last annuity value by the product of:
• the net investment factor; and
• the neutralizing factor.
The purpose of the neutralizing factor is to offset the effect of the assumed rate built into the annuity table. With an assumed investment rate of 5%, the neutralizing factor is 0.999866 for a one day valuation period.
Net Investment Factor: We determine the net investment factor by:
• adding the fund’s current net asset value per share plus the per share amount of any accrued income or capital gain dividends to obtain a current adjusted net asset value per share; then
• dividing that sum by the previous adjusted net asset value per share; and
• subtracting the percentage factor representing the mortality and expense risk fee from the result.
Because the net asset value of the fund may fluctuate, the net investment factor may be greater or less than one, and the annuity unit value may increase or decrease. You bear this investment risk in a variable account.
THE FIXED ACCOUNT
We guarantee your fixed annuity payout amounts. Once calculated, your payout will remain the same and never change.
To calculate your annuity payouts we:
• take the value of your fixed account at the retirement date or the date you selected to begin receiving your annuity payouts; then
• using an annuity table, we apply the value according to the annuity payout plan you select.
The annuity payout table we use will be the one in effect at the time you choose to begin your annuity payouts. The values in the table will be equal to or greater than the table in your contract or certificate.
Rating Agencies
We receive ratings from independent rating agencies. These agencies evaluate the creditworthiness and claims-paying ability of insurance companies based on a number of different factors. The ratings reflect each agency’s estimation of our ability to meet our contractual obligations such as making annuity payouts and paying death benefits and other distributions. As such, the ratings relate to our fixed account and not to the variable accounts. This information generally does not relate to the management or performance of the variable accounts.
 3 ■ RiverSource Account F
For detailed information on the agency ratings given to RiverSource Life, see  “Investor Relations — Financial Information — Credit Ratings” on our website at ameriprise.com or contact your sales representative. You also may view our current ratings by visiting the agency websites directly at: 
A.M. Best
www.ambest.com
Moody’s
www.moodys.com
Standard & Poor’s
www.standardandpoors.com
A.M. Best — Rates insurance companies for their financial strength.
Moody’s — Rates insurance companies for their financial strength.
Standard & Poor’s — Rates insurance companies for their financial strength.
Principal Underwriter
RiverSource Distributors, Inc. (RiverSource Distributors), our affiliate, serves as principal underwriter for the contracts, which are offered on a continuous basis. Its offices are located at 70100 Ameriprise Financial Center, Minneapolis, MN 55474. RiverSource Distributors is registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 as a broker-dealer and is a member of the Financial Industry Regulatory Authority (FINRA). The contracts are offered to the public through certain securities broker-dealers that have entered into sales agreements with RiverSource Life and RiverSource Distributors and whose personnel are legally authorized to sell annuity and life insurance products. RiverSource Distributors is a wholly-owned subsidiary of Ameriprise Financial, Inc.
The aggregate dollar amount of underwriting commissions paid to RiverSource Distributors by RiverSource Life for the variable accounts in 2025 was $443,503,518, in 2024 was $439,655,537, and in 2023 was $394,275,424. RiverSource Distributors retains no underwriting commissions from the sale of the contracts.
Experts
The consolidated financial statements as of December 31, 2025 and December 31, 2024 and for each of the three years in the period ended December 31, 2025 of the RiverSource Life Insurance Company and its subsidiaries and the financial statements as of December 31, 2025 and for each of the two years in the period ended December 31, 2025 of each of the divisions of RiverSource Account F included in this Statement of Additional Information dated April 24, 2026, have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
Custodian
RiverSource Life is the custodian of the assets of RiverSource Account F. RiverSource Life holds these assets for safekeeping, maintains records and accounts relating to the variable account including purchase and redemption transactions, and is responsible for administration of the contracts. RiverSource Life’s principal offices are located at 70100 Ameriprise Financial Center, Minneapolis, MN 55474.
RiverSource Account F ■ 4 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE BOARD OF DIRECTORS OF RIVERSOURCE LIFE INSURANCE COMPANY AND
THE CONTRACT OWNERS OF RIVERSOURCE ACCOUNT F
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities of each of the divisions of RiverSource Account F, as indicated in Note 1, as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in Note 1, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the divisions of RiverSource Account F as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets of the periods indicated in Note 1 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the RiverSource Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the divisions of the RiverSource Account F based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the divisions of the RiverSource Account F in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test  basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2025, by correspondence with the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 24, 2026
We have served as the auditor of one or more of the divisions of RiverSource Account F since 2010.
 5 ■ RiverSource Account F
Statement of Assets and Liabilities
 
December 31, 2025
AB VPS
Relative Val,
Cl B
Allspg VT Sm
Cap Gro,
Cl 2
Col VP Bal,
Cl 3
Col VP
Corporate
Bond,
Cl 3
Col VP
Disciplined
Core,
Cl 3
Assets
Investments, at fair value
$28,063,716
$19,250,411
$340,453,439
$4,931,994
$580,316,836
Dividends receivable
—
—
—
—
—
Receivable for share redemptions
30,207
21,100
1,070,250
4,542
712,981
Total assets
28,093,923
19,271,511
341,523,689
4,936,536
581,029,817
 
Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee
25,742
17,476
310,705
4,492
527,927
Contract terminations
4,465
3,624
759,545
50
185,054
Total liabilities
30,207
21,100
1,070,250
4,542
712,981
Net assets applicable to contracts in accumulation period
27,723,922
19,141,860
337,882,147
4,919,430
575,110,234
Net assets applicable to contracts in payment period
339,794
108,551
2,571,292
12,564
5,206,602
Total net assets
$28,063,716
$19,250,411
$340,453,439
$4,931,994
$580,316,836
Investment shares
909,683
2,005,251
6,188,937
634,748
4,573,025
Investments, at cost
$23,530,757
$17,866,212
$92,381,573
$5,837,537
$108,007,824
 
December 31, 2025 (continued)
Col VP Divd
Opp,
Cl 3
Col VP Govt
Money Mkt,
Cl 3
Col VP Hi
Yield Bond,
Cl 3
Col VP Inter
Bond,
Cl 3
Col VP Lg Cap
Gro,
Cl 3
Assets
Investments, at fair value
$74,344,839
$15,393,568
$14,176,677
$61,326,027
$41,166,608
Dividends receivable
—
1,381
—
—
—
Receivable for share redemptions
119,713
13,935
13,313
68,949
122,139
Total assets
74,464,552
15,408,884
14,189,990
61,394,976
41,288,747
 
Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee
68,494
13,867
13,173
55,727
37,565
Contract terminations
51,219
68
140
13,222
84,574
Total liabilities
119,713
13,935
13,313
68,949
122,139
Net assets applicable to contracts in accumulation period
73,665,880
15,373,574
13,938,933
60,897,769
40,520,226
Net assets applicable to contracts in payment period
678,959
21,375
237,744
428,258
646,382
Total net assets
$74,344,839
$15,394,949
$14,176,677
$61,326,027
$41,166,608
Investment shares
1,445,835
15,393,568
2,261,033
7,114,388
737,621
Investments, at cost
$18,150,543
$15,393,392
$14,528,770
$73,106,072
$8,011,945
See accompanying notes to financial statements.
RiverSource Account F ■ 6 
Statement of Assets and Liabilities
 
December 31, 2025 (continued)
Col VP
Overseas
Core,
Cl 3
Col VP Select
Mid Cap Gro,
Cl 3
Assets
Investments, at fair value
$87,629,539
$151,011,374
Dividends receivable
—
—
Receivable for share redemptions
137,533
211,377
Total assets
87,767,072
151,222,751
 
Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee
79,792
137,909
Contract terminations
57,741
73,468
Total liabilities
137,533
211,377
Net assets applicable to contracts in accumulation period
87,055,321
149,729,389
Net assets applicable to contracts in payment period
574,218
1,281,985
Total net assets
$87,629,539
$151,011,374
Investment shares
4,917,483
2,381,883
Investments, at cost
$54,806,856
$28,570,701
See accompanying notes to financial statements.
 7 ■ RiverSource Account F
Statement of Operations
 
Year ended December 31, 2025
AB VPS
Relative Val,
Cl B
Allspg VT Sm
Cap Gro,
Cl 2
Col VP Bal,
Cl 3
Col VP
Corporate
Bond,
Cl 3
Col VP
Disciplined
Core,
Cl 3
Investment income
Dividend income
$256,065
$—
$—
$305,660
$—
Variable account expenses
292,677
194,135
3,412,430
48,074
5,662,414
Investment income (loss) — net
(36,612)
(194,135)
(3,412,430)
257,586
(5,662,414)
 
Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales
4,634,697
3,221,680
46,270,472
797,758
75,669,552
Cost of investments sold
3,852,447
3,133,984
13,488,128
975,966
15,560,584
Net realized gain (loss) on sales of investments
782,250
87,696
32,782,344
(178,208)
60,108,968
Distributions from capital gains
2,391,133
1,112,111
—
—
—
Net change in unrealized appreciation (depreciation) of investments
(615,685)
429,940
11,393,023
230,149
15,978,499
Net gain (loss) on investments
2,557,698
1,629,747
44,175,367
51,941
76,087,467
Net increase (decrease) in net assets resulting from operations
$2,521,086
$1,435,612
$40,762,937
$309,527
$70,425,053
 
Year ended December 31, 2025 (continued)
Col VP Divd
Opp,
Cl 3
Col VP Govt
Money Mkt,
Cl 3
Col VP Hi
Yield Bond,
Cl 3
Col VP Inter
Bond,
Cl 3
Col VP Lg Cap
Gro,
Cl 3
Investment income
Dividend income
$—
$586,960
$888,492
$3,309,984
$—
Variable account expenses
765,093
155,722
150,661
626,752
398,418
Investment income (loss) — net
(765,093)
431,238
737,831
2,683,232
(398,418)
 
Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales
13,153,826
4,408,689
2,844,622
7,958,397
5,629,843
Cost of investments sold
3,432,776
4,408,632
2,938,546
9,619,643
1,188,530
Net realized gain (loss) on sales of investments
9,721,050
57
(93,924)
(1,661,246)
4,441,313
Distributions from capital gains
—
—
—
—
—
Net change in unrealized appreciation (depreciation) of investments
1,342,391
(57)
432,621
3,749,725
1,403,222
Net gain (loss) on investments
11,063,441
—
338,697
2,088,479
5,844,535
Net increase (decrease) in net assets resulting from operations
$10,298,348
$431,238
$1,076,528
$4,771,711
$5,446,117
See accompanying notes to financial statements.
RiverSource Account F ■ 8 
Statement of Operations
 
Year ended December 31, 2025 (continued)
Col VP
Overseas
Core,
Cl 3
Col VP Select
Mid Cap Gro,
Cl 3
Investment income
Dividend income
$1,499,802
$—
Variable account expenses
822,713
1,533,295
Investment income (loss) — net
677,089
(1,533,295)
 
Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales
10,274,087
21,088,597
Cost of investments sold
7,309,155
4,252,609
Net realized gain (loss) on sales of investments
2,964,932
16,835,988
Distributions from capital gains
—
—
Net change in unrealized appreciation (depreciation) of investments
21,441,683
4,362,294
Net gain (loss) on investments
24,406,615
21,198,282
Net increase (decrease) in net assets resulting from operations
$25,083,704
$19,664,987
See accompanying notes to financial statements.
 9 ■ RiverSource Account F
Statement of Changes in Net Assets
 
Year ended December 31, 2025
AB VPS
Relative Val,
Cl B
Allspg VT Sm
Cap Gro,
Cl 2
Col VP Bal,
Cl 3
Col VP
Corporate
Bond,
Cl 3
Col VP
Disciplined
Core,
Cl 3
Operations
Investment income (loss) — net
$(36,612)
$(194,135)
$(3,412,430)
$257,586
$(5,662,414)
Net realized gain (loss) on sales of investments
782,250
87,696
32,782,344
(178,208)
60,108,968
Distributions from capital gains
2,391,133
1,112,111
—
—
—
Net change in unrealized appreciation (depreciation) of investments
(615,685)
429,940
11,393,023
230,149
15,978,499
Net increase (decrease) in net assets resulting from operations
2,521,086
1,435,612
40,762,937
309,527
70,425,053
 
Contract transactions
Contract purchase payments
51,816
35,508
550,469
12,713
958,098
Net transfers(1)
(531,276)
(330,914)
(880,770)
719,037
(5,660,021)
Transfers for policy loans
3,040
16,045
75,951
496
92,765
Adjustments to net assets allocated to contracts in payment period
(44,316)
(13,811)
(629,525)
(7,799)
(862,306)
Contract charges
(9,845)
(6,968)
(143,916)
(2,000)
(243,477)
Contract terminations:
Surrender benefits
(3,399,914)
(2,259,833)
(35,072,083)
(642,780)
(54,811,001)
Death benefits
(368,809)
(288,474)
(6,568,640)
(98,321)
(9,481,196)
Increase (decrease) from transactions
(4,299,304)
(2,848,447)
(42,668,514)
(18,654)
(70,007,138)
Increase (decrease) in net assets
(1,778,218)
(1,412,835)
(1,905,577)
290,873
417,915
Net assets at beginning of year
29,841,934
20,663,246
342,359,016
4,641,121
579,898,921
Net assets at end of year
$28,063,716
$19,250,411
$340,453,439
$4,931,994
$580,316,836
 
Accumulation unit activity
Units outstanding at beginning of year
7,586,511
4,706,675
22,947,947
2,487,841
13,590,330
Units purchased
13,657
12,008
41,538
381,771
24,555
Units redeemed
(1,062,348)
(665,452)
(2,738,658)
(387,137)
(1,613,240)
Units outstanding at end of year
6,537,820
4,053,231
20,250,827
2,482,475
12,001,645
See accompanying notes to financial statements.
RiverSource Account F ■ 10 
Statement of Changes in Net Assets
 
Year ended December 31, 2025 (continued)
Col VP Divd
Opp,
Cl 3
Col VP Govt
Money Mkt,
Cl 3
Col VP Hi
Yield Bond,
Cl 3
Col VP Inter
Bond,
Cl 3
Col VP Lg Cap
Gro,
Cl 3
Operations
Investment income (loss) — net
$(765,093)
$431,238
$737,831
$2,683,232
$(398,418)
Net realized gain (loss) on sales of investments
9,721,050
57
(93,924)
(1,661,246)
4,441,313
Distributions from capital gains
—
—
—
—
—
Net change in unrealized appreciation (depreciation) of investments
1,342,391
(57)
432,621
3,749,725
1,403,222
Net increase (decrease) in net assets resulting from operations
10,298,348
431,238
1,076,528
4,771,711
5,446,117
 
Contract transactions
Contract purchase payments
191,015
62,946
53,534
183,482
101,651
Net transfers(1)
(1,104,802)
4,086,587
(114,848)
2,269,848
(260,760)
Transfers for policy loans
31,753
15,189
208
12,334
23,123
Adjustments to net assets allocated to contracts in payment period
(122,638)
(12,733)
(40,726)
(85,009)
(113,737)
Contract charges
(28,507)
(8,085)
(5,967)
(33,234)
(11,977)
Contract terminations:
Surrender benefits
(9,965,453)
(3,881,237)
(1,765,704)
(6,175,666)
(3,851,714)
Death benefits
(1,239,997)
(289,231)
(303,188)
(1,595,903)
(380,041)
Increase (decrease) from transactions
(12,238,629)
(26,564)
(2,176,691)
(5,424,148)
(4,493,455)
Increase (decrease) in net assets
(1,940,281)
404,674
(1,100,163)
(652,437)
952,662
Net assets at beginning of year
76,285,120
14,990,275
15,276,840
61,978,464
40,213,946
Net assets at end of year
$74,344,839
$15,394,949
$14,176,677
$61,326,027
$41,166,608
 
Accumulation unit activity
Units outstanding at beginning of year
16,857,349
4,839,646
4,056,594
6,200,815
8,130,373
Units purchased
47,155
1,332,439
13,806
238,936
25,175
Units redeemed
(2,557,950)
(1,333,642)
(566,617)
(752,191)
(899,885)
Units outstanding at end of year
14,346,554
4,838,443
3,503,783
5,687,560
7,255,663
See accompanying notes to financial statements.
 11 ■ RiverSource Account F
Statement of Changes in Net Assets
 
Year ended December 31, 2025 (continued)
Col VP
Overseas
Core,
Cl 3
Col VP Select
Mid Cap Gro,
Cl 3
Operations
Investment income (loss) — net
$677,089
$(1,533,295)
Net realized gain (loss) on sales of investments
2,964,932
16,835,988
Distributions from capital gains
—
—
Net change in unrealized appreciation (depreciation) of investments
21,441,683
4,362,294
Net increase (decrease) in net assets resulting from operations
25,083,704
19,664,987
 
Contract transactions
Contract purchase payments
343,256
396,855
Net transfers(1)
(437,054)
(2,250,711)
Transfers for policy loans
31,091
23,959
Adjustments to net assets allocated to contracts in payment period
(185,882)
(188,734)
Contract charges
(39,843)
(70,488)
Contract terminations:
Surrender benefits
(8,011,250)
(15,642,542)
Death benefits
(948,677)
(1,703,968)
Increase (decrease) from transactions
(9,248,359)
(19,435,629)
Increase (decrease) in net assets
15,835,345
229,358
Net assets at beginning of year
71,794,194
150,782,016
Net assets at end of year
$87,629,539
$151,011,374
 
Accumulation unit activity
Units outstanding at beginning of year
21,813,478
30,585,109
Units purchased
99,752
83,211
Units redeemed
(2,417,887)
(3,768,300)
Units outstanding at end of year
19,495,343
26,900,020
 
(1)
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
See accompanying notes to financial statements.
RiverSource Account F ■ 12 
Statement of Changes in Net Assets
 
Year ended December 31, 2024
AB VPS
Relative Val,
Cl B
Allspg VT Sm
Cap Gro,
Cl 2
Col VP Bal,
Cl 3
Col VP
Corporate
Bond,
Cl 3
Col VP
Disciplined
Core,
Cl 3
Operations
Investment income (loss) — net
$75,738
$(213,354)
$(3,492,970)
$115,416
$(5,747,368)
Net realized gain (loss) on sales of investments
783,875
(6,976)
29,242,155
(210,102)
56,846,906
Distributions from capital gains
1,103,459
—
—
—
—
Net change in unrealized appreciation (depreciation) of investments
1,497,979
3,630,579
17,408,962
201,799
72,618,550
Net increase (decrease) in net assets resulting from operations
3,461,051
3,410,249
43,158,147
107,113
123,718,088
 
Contract transactions
Contract purchase payments
60,426
56,356
789,684
16,349
1,111,814
Net transfers(1)
(539,126)
(455,006)
1,332,343
53,538
(4,194,530)
Transfers for policy loans
7,912
8,073
70,016
1,469
135,862
Adjustments to net assets allocated to contracts in payment period
(44,774)
(117,822)
(897,308)
(7,744)
(1,437,855)
Contract charges
(11,345)
(8,058)
(158,600)
(2,257)
(267,121)
Contract terminations:
Surrender benefits
(2,901,159)
(2,167,245)
(32,864,760)
(536,682)
(52,979,070)
Death benefits
(565,750)
(312,519)
(7,309,879)
(108,036)
(10,464,773)
Increase (decrease) from transactions
(3,993,816)
(2,996,221)
(39,038,504)
(583,363)
(68,095,673)
Increase (decrease) in net assets
(532,765)
414,028
4,119,643
(476,250)
55,622,415
Net assets at beginning of year
30,374,699
20,249,218
338,239,373
5,117,371
524,276,506
Net assets at end of year
$29,841,934
$20,663,246
$342,359,016
$4,641,121
$579,898,921
 
Accumulation unit activity
Units outstanding at beginning of year
8,621,154
5,396,832
25,645,769
2,801,056
15,295,118
Units purchased
18,017
15,609
153,573
38,981
32,408
Units redeemed
(1,052,660)
(705,766)
(2,851,395)
(352,196)
(1,737,196)
Units outstanding at end of year
7,586,511
4,706,675
22,947,947
2,487,841
13,590,330
See accompanying notes to financial statements.
 13 ■ RiverSource Account F
Statement of Changes in Net Assets
 
Year ended December 31, 2024 (continued)
Col VP Divd
Opp,
Cl 3
Col VP Govt
Money Mkt,
Cl 3
Col VP Hi
Yield Bond,
Cl 3
Col VP Inter
Bond,
Cl 3
Col VP Lg Cap
Gro,
Cl 3
Operations
Investment income (loss) — net
$(794,410)
$570,425
$789,990
$2,361,527
$(387,809)
Net realized gain (loss) on sales of investments
8,010,153
69
(203,259)
(1,690,625)
4,557,137
Distributions from capital gains
—
—
—
—
—
Net change in unrealized appreciation (depreciation) of investments
3,147,140
(70)
359,469
(114,103)
5,735,679
Net increase (decrease) in net assets resulting from operations
10,362,883
570,424
946,200
556,799
9,905,007
 
Contract transactions
Contract purchase payments
214,703
37,036
57,908
291,482
107,827
Net transfers(1)
(1,113,537)
2,458,030
(197,624)
2,580,700
(132,169)
Transfers for policy loans
28,858
13,209
483
18,380
16,707
Adjustments to net assets allocated to contracts in payment period
(232,080)
(13,500)
(39,546)
(228,802)
(112,654)
Contract charges
(32,035)
(8,592)
(6,856)
(36,836)
(12,679)
Contract terminations:
Surrender benefits
(7,690,932)
(3,422,875)
(2,384,842)
(5,972,540)
(3,430,095)
Death benefits
(1,539,248)
(320,929)
(542,650)
(1,661,935)
(975,919)
Increase (decrease) from transactions
(10,364,271)
(1,257,621)
(3,113,127)
(5,009,551)
(4,538,982)
Increase (decrease) in net assets
(1,388)
(687,197)
(2,166,927)
(4,452,752)
5,366,025
Net assets at beginning of year
76,286,508
15,677,472
17,443,767
66,431,216
34,847,921
Net assets at end of year
$76,285,120
$14,990,275
$15,276,840
$61,978,464
$40,213,946
 
Accumulation unit activity
Units outstanding at beginning of year
19,208,214
5,251,304
4,907,993
6,682,330
9,142,209
Units purchased
56,745
829,356
15,985
293,700
28,530
Units redeemed
(2,407,610)
(1,241,014)
(867,384)
(775,215)
(1,040,366)
Units outstanding at end of year
16,857,349
4,839,646
4,056,594
6,200,815
8,130,373
See accompanying notes to financial statements.
RiverSource Account F ■ 14 
Statement of Changes in Net Assets
 
Year ended December 31, 2024 (continued)
Col VP
Overseas
Core,
Cl 3
Col VP Select
Mid Cap Gro,
Cl 3
Operations
Investment income (loss) — net
$2,560,303
$(1,469,412)
Net realized gain (loss) on sales of investments
1,762,702
15,621,141
Distributions from capital gains
—
—
Net change in unrealized appreciation (depreciation) of investments
(2,387,318)
15,164,761
Net increase (decrease) in net assets resulting from operations
1,935,687
29,316,490
 
Contract transactions
Contract purchase payments
405,697
460,188
Net transfers(1)
(1,238,913)
(1,859,625)
Transfers for policy loans
30,406
34,999
Adjustments to net assets allocated to contracts in payment period
(79,155)
(399,955)
Contract charges
(42,264)
(74,756)
Contract terminations:
Surrender benefits
(7,161,208)
(14,816,922)
Death benefits
(1,062,380)
(2,045,315)
Increase (decrease) from transactions
(9,147,817)
(18,701,386)
Increase (decrease) in net assets
(7,212,130)
10,615,104
Net assets at beginning of year
79,006,324
140,166,912
Net assets at end of year
$71,794,194
$150,782,016
 
Accumulation unit activity
Units outstanding at beginning of year
24,556,958
34,721,712
Units purchased
132,207
113,371
Units redeemed
(2,875,687)
(4,249,974)
Units outstanding at end of year
21,813,478
30,585,109
 
(1)
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
See accompanying notes to financial statements.
 15 ■ RiverSource Account F
Notes to Financial Statements
1.
ORGANIZATION
RiverSource Account F (the Account) was established under Minnesota law as a segregated asset account of RiverSource Life Insurance Company (RiverSource Life). The Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended (the 1940 Act) and exists in accordance with the rules and regulations of the Insurance Division, Department of Commerce of the State of Minnesota.
The Account is used as a funding vehicle for individual variable annuity contracts issued by RiverSource Life. The following is a list of each variable annuity product funded through the Account. 
RiverSource® Employee Benefit Annuity*
RiverSource® Flexible Annuity
RiverSource® Group Variable Annuity Contract**
RiverSource® Variable Retirement and Combination Retirement Annuities
 
* New contracts are no longer being issued for this product. As a result, an annual contract prospectus and statement of additional information are no longer
distributed. An annual report for this product is distributed to all current contract holders.
** As of February 19, 2026, there are zero GVAC contract owners.
The Account is comprised of various divisions. Each division invests exclusively in shares of the following funds or portfolios (collectively, the Funds), which are registered under the 1940 Act as open-end management investment companies. The name of each Fund and the corresponding division name are provided below. Each division is comprised of subaccounts. Individual variable annuity accounts invest in subaccounts. For each division, the financial statements are comprised of a statement of assets and liabilities as of December 31, 2025, a related statement of operations for the year then ended and statements of changes in net assets for each of the two years in the period then ended, all presented to reflect a full twelve month period. 
Division
Fund
AB VPS Relative Val, Cl B
AB VPS Relative Value Portfolio (Class B)
Allspg VT Sm Cap Gro, Cl 2
Allspring VT Small Cap Growth Fund – Class 2
Col VP Bal, Cl 3
Columbia Variable Portfolio – Balanced Fund (Class 3)
Col VP Corporate Bond, Cl 3
Columbia Variable Portfolio – Corporate Bond Fund (Class 3)
(previously Columbia Variable Portfolio – Global Strategic Income Fund (Class 3), renamed to Columbia Variable Portfolio – Select
Corporate Income Fund (Class 3) sometime during the second quarter of 2026)
Col VP Disciplined Core, Cl 3
Columbia Variable Portfolio – Disciplined Core Fund (Class 3)
Col VP Divd Opp, Cl 3
Columbia Variable Portfolio – Dividend Opportunity Fund (Class 3)
Col VP Govt Money Mkt, Cl 3
Columbia Variable Portfolio – Government Money Market Fund (Class 3)
Col VP Hi Yield Bond, Cl 3
Columbia Variable Portfolio – High Yield Bond Fund (Class 3)
Col VP Inter Bond, Cl 3
Columbia Variable Portfolio – Intermediate Bond Fund (Class 3)
Col VP Lg Cap Gro, Cl 3
Columbia Variable Portfolio – Large Cap Growth Fund (Class 3)
(renamed to Columbia Variable Portfolio – Cornerstone Growth Fund (Class 3) sometime during the second quarter of 2026)
Col VP Overseas Core, Cl 3
Columbia Variable Portfolio – Overseas Core Fund (Class 3)
Col VP Select Mid Cap Gro, Cl 3
Columbia Variable Portfolio – Select Mid Cap Growth Fund (Class 3)
The assets of each division of the Account are not chargeable with liabilities arising out of the business conducted by any other segregated asset account or by RiverSource Life.
RiverSource Life serves as issuer of the contracts.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investments in the Funds
Investment transactions are accounted for on the trade date the shares are purchased and sold. Realized gains and losses on the sales of investments are computed using the average cost method. Income from dividends and gains from realized capital gain distributions are reinvested in additional shares of the Funds and are recorded as income by the divisions on the ex-dividend date.
Unrealized appreciation or depreciation of investments in the accompanying financial statements represents the division's share of the Funds' undistributed net investment income, undistributed realized gain or loss and the unrealized appreciation or depreciation on their investment securities.
The Account categorizes its fair value measurements according to a three-level hierarchy. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the fair value measurement. The three levels of the fair value hierarchy are defined as follows:
Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
RiverSource Account F ■ 16 
Level 2 – Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
The Funds in the Account have been measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are therefore not categorized in the fair value hierarchy. There were no transfers between levels in the period ended December 31, 2025.
Variable Payout
Net assets allocated to contracts in the payout period are periodically compared to a computation which uses the Annuity 2000 Basic Mortality Table and which assumes future mortality improvement. The assumed investment return is 3.5% or 5% based on the annuitant’s election, or as regulated by the laws of the respective states. The mortality risk is fully borne by RiverSource Life and may result in additional amounts being transferred into the variable annuity account by RiverSource Life to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the insurance company.
Federal Income Taxes
RiverSource Life is taxed as a life insurance company. The Account is treated as part of RiverSource Life for federal income tax purposes. Under existing federal income tax law, no income taxes are payable with respect to any investment income of the Account to the extent the earnings are credited under the contracts. Based on this, no charge is being made currently to the Account for federal income taxes. RiverSource Life will review periodically the status of this policy. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that would be attributable to the contracts.
Subsequent Events
Management has evaluated Account related events and transactions that occurred through the date the financial statements were issued. Management noted there were no items requiring adjustments or additional disclosures in the Account’s financial statements.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.
Segment Reporting
Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures enables investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The Chairman and President of RiverSource Life Insurance Company acts as the Account’s chief operating decision maker (“CODM”) in assessing performance and making decisions about resource allocation. The CODM has determined that the Account has a single operating segment because the CODM monitors net income, investment performance and overall operating results of the Account as a whole in making decisions about resource allocation. The financial information provided to and reviewed by the CODM is consistent with that presented within the Account’s financial statements.
3.
VARIABLE ACCOUNT EXPENSES
RiverSource Life deducts a daily mortality and expense risk fee equal, on an annual basis, to 1.00% of the average daily net assets of each subaccount.
4.
CONTRACT CHARGES
RiverSource Life deducts a contract administrative charge of $20 to $30 per year on the contract anniversary depending upon the product selected. This charge reimburses RiverSource Life for expenses incurred in establishing and maintaining the annuity records. Certain products may waive this charge based upon the underlying contract value.
5.
SURRENDER (WITHDRAWAL) CHARGES
RiverSource Life may assess a surrender (withdrawal) charge to help it recover certain expenses related to the sale of the annuity. Such charges are not treated as a separate expense of the divisions as they are ultimately deducted from contract surrender benefits paid by RiverSource Life. Charges by RiverSource Life for surrenders are not identified on an individual division basis.
 17 ■ RiverSource Account F
6.
RELATED PARTY TRANSACTIONS
RiverSource Life is a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial).
The following table reflects fees paid by certain affiliated funds to Ameriprise Financial and its affiliates. 
Fee Agreement:
Fees Paid To:
Management Agreement
Columbia Management Investment Advisers, LLC
Shareholder Services Agreement
Columbia Management Investment Services Corp.
Plan and Agreement of Distribution
Columbia Management Investment Distributors, Inc.
Investment Advisory Agreement*
Columbia Wanger Asset Management, LLC
Administrative Services Agreement*
Columbia Wanger Asset Management, LLC
 
*
Prior to April 1, 2025, Columbia Wanger Asset Management, LLC (CWAM) furnished investment advisory services to funds in the Columbia Acorn Trust (CAT) and the Columbia
Funds Variable Series Trust (CFVST) (formerly known as Wanger Advisors Trust) under an investment advisory agreement (the Advisory Agreement) and provided administrative
services to such funds under a separate administrative services agreement (the Administration Services Agreement). Effective April 1, 2025, CAT and CFVST, on behalf of these
funds, entered into a new management services agreement (the Management Agreement) that combined the management services fee that was previously paid under the
Advisory Agreement with the administrative services fee that was previously paid under the Administration Services Agreement. Pursuant to a Novation of Management
Agreement effective July 7, 2025, Columbia Management Investment Advisors, LLC (CMIA) replaced CWAM, a wholly owned subsidiary of CMIA as a party to the Management
Agreement.
7.
INVESTMENT TRANSACTIONS
The divisions’ purchases of Funds’ shares, including reinvestment of dividend distributions, for the year ended December 31, 2025 were as follows:
 
Division
Purchases
AB VPS Relative Val, Cl B
$2,689,914
Allspg VT Sm Cap Gro, Cl 2
1,291,209
Col VP Bal, Cl 3
189,528
Col VP Corporate Bond, Cl 3
1,036,690
Col VP Disciplined Core, Cl 3
—
Col VP Divd Opp, Cl 3
150,104
Division
Purchases
Col VP Govt Money Mkt, Cl 3
$4,813,663
Col VP Hi Yield Bond, Cl 3
1,405,762
Col VP Inter Bond, Cl 3
5,217,481
Col VP Lg Cap Gro, Cl 3
737,970
Col VP Overseas Core, Cl 3
1,702,817
Col VP Select Mid Cap Gro, Cl 3
119,673
RiverSource Account F ■ 18 
8.
FINANCIAL HIGHLIGHTS
The table below shows certain financial information regarding the division(s). 
 
At December 31
For the year ended December 31
 
Units (000s)
Accumulation unit value
Net assets
(000s)
Investment
income ratio(1)
Expense ratio(2)
Total return(3)
AB VPS Relative Val, Cl B
2025
6,538
$4.24
$28,064
0.88
%
1.00
%
9.10
%
2024
7,587
$3.89
$29,842
1.25
%
1.00
%
11.64
%
2023
8,621
$3.48
$30,375
1.28
%
1.00
%
10.61
%
2022
9,671
$3.15
$30,707
1.10
%
1.00
%
(5.37
)%
2021
10,392
$3.33
$34,849
0.64
%
1.00
%
26.57
%
Allspg VT Sm Cap Gro, Cl 2
2025
4,053
$4.72
$19,250
—
%
1.00
%
8.17
%
2024
4,707
$4.37
$20,663
—
%
1.00
%
17.52
%
2023
5,397
$3.72
$20,249
—
%
1.00
%
3.07
%
2022
6,182
$3.60
$22,493
—
%
1.00
%
(35.07
)%
2021
6,850
$5.55
$38,389
—
%
1.00
%
6.57
%
Col VP Bal, Cl 3
2025
20,251
$16.68
$340,453
—
%
1.00
%
12.78
%
2024
22,948
$14.79
$342,359
—
%
1.00
%
13.29
%
2023
25,646
$13.06
$338,239
—
%
1.00
%
20.03
%
2022
28,289
$10.88
$311,180
—
%
1.00
%
(17.57
)%
2021
30,985
$13.20
$413,806
—
%
1.00
%
13.59
%
Col VP Corporate Bond, Cl 3
2025
2,482
$1.98
$4,932
6.39
%
1.00
%
6.67
%
2024
2,488
$1.86
$4,641
3.34
%
1.00
%
2.22
%
2023
2,801
$1.82
$5,117
3.20
%
1.00
%
8.72
%
2022
3,044
$1.67
$5,121
3.37
%
1.00
%
(14.46
)%
2021
3,324
$1.95
$6,544
3.95
%
1.00
%
0.14
%
Col VP Disciplined Core, Cl 3
2025
12,002
$47.92
$580,317
—
%
1.00
%
13.35
%
2024
13,590
$42.27
$579,899
—
%
1.00
%
24.64
%
2023
15,295
$33.92
$524,277
—
%
1.00
%
23.00
%
2022
16,842
$27.58
$469,832
—
%
1.00
%
(19.64
)%
2021
18,248
$34.31
$633,914
—
%
1.00
%
31.25
%
Col VP Divd Opp, Cl 3
2025
14,347
$5.13
$74,345
—
%
1.00
%
14.53
%
2024
16,857
$4.48
$76,285
—
%
1.00
%
14.12
%
2023
19,208
$3.93
$76,287
—
%
1.00
%
3.91
%
2022
21,571
$3.78
$82,469
—
%
1.00
%
(2.22
)%
2021
22,524
$3.87
$88,324
—
%
1.00
%
24.76
%
Col VP Govt Money Mkt, Cl 3
2025
4,838
$3.18
$15,395
3.78
%
1.00
%
2.81
%
2024
4,840
$3.09
$14,990
4.73
%
1.00
%
3.82
%
2023
5,251
$2.98
$15,677
4.51
%
1.00
%
3.56
%
2022
5,261
$2.87
$15,182
1.26
%
1.00
%
0.16
%
2021
4,029
$2.87
$11,642
0.01
%
1.00
%
(0.97
)%
Col VP Hi Yield Bond, Cl 3
2025
3,504
$3.98
$14,177
5.92
%
1.00
%
7.47
%
2024
4,057
$3.70
$15,277
5.77
%
1.00
%
5.88
%
2023
4,908
$3.50
$17,444
5.36
%
1.00
%
10.97
%
2022
5,549
$3.15
$17,775
5.12
%
1.00
%
(11.59
)%
2021
6,161
$3.56
$22,339
4.95
%
1.00
%
3.82
%
Col VP Inter Bond, Cl 3
2025
5,688
$10.71
$61,326
5.31
%
1.00
%
7.96
%
2024
6,201
$9.92
$61,978
4.65
%
1.00
%
0.83
%
2023
6,682
$9.84
$66,431
2.20
%
1.00
%
5.14
%
2022
7,210
$9.36
$68,222
3.08
%
1.00
%
(17.99
)%
 19 ■ RiverSource Account F
 
At December 31
For the year ended December 31
 
Units (000s)
Accumulation unit
value
Net assets
(000s)
Investment
income ratio(1)
Expense ratio(2)
Total
return(3)
2021
7,899
$11.41
$91,208
3.16
%
1.00
%
(1.34
)%
Col VP Lg Cap Gro, Cl 3
2025
7,256
$5.58
$41,167
—
%
1.00
%
14.83
%
2024
8,130
$4.86
$40,214
—
%
1.00
%
29.88
%
2023
9,142
$3.74
$34,848
—
%
1.00
%
41.53
%
2022
9,949
$2.65
$26,734
—
%
1.00
%
(32.13
)%
2021
11,162
$3.90
$44,253
—
%
1.00
%
27.26
%
Col VP Overseas Core, Cl 3
2025
19,495
$4.47
$87,630
1.84
%
1.00
%
36.73
%
2024
21,813
$3.27
$71,794
4.31
%
1.00
%
2.31
%
2023
24,557
$3.19
$79,006
1.83
%
1.00
%
14.32
%
2022
27,003
$2.79
$76,014
0.80
%
1.00
%
(15.65
)%
2021
29,545
$3.31
$98,637
1.18
%
1.00
%
8.79
%
Col VP Select Mid Cap Gro, Cl 3
2025
26,900
$5.57
$151,011
—
%
1.00
%
13.86
%
2024
30,585
$4.89
$150,782
—
%
1.00
%
22.29
%
2023
34,722
$4.00
$140,167
—
%
1.00
%
23.84
%
2022
38,094
$3.23
$124,228
—
%
1.00
%
(31.61
)%
2021
41,373
$4.72
$197,564
—
%
1.00
%
15.25
%
 
(1)
These amounts represent the dividends, excluding distributions of capital gains, received by the division from the underlying fund, net of management fees assessed by the fund
manager, divided by the average net assets. These ratios exclude variable account expenses that result in direct reductions in the unit values. The recognition of investment
income by the division is affected by the timing of the declaration of dividends by the underlying fund in which the division invests. These ratios are annualized for periods less
than one year.
(2)
These ratios represent the annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratios
include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of
the underlying fund are excluded.
(3)
These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the
expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a
reduction in the total return presented. The total return is calculated for the period indicated or from the notated effective date through the end of the reporting period.
RiverSource Account F ■ 20 

REPORT OF INDEPENDENT AUDITORS

TO THE BOARD OF DIRECTORS AND SHAREHOLDER OF

RIVERSOURCE LIFE INSURANCE COMPANY

Opinion

We have audited the accompanying consolidated financial statements of RiverSource Life Insurance Company and its subsidiaries (the “Company”), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the related consolidated statements of income, of comprehensive income, of shareholder’s equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the consolidated financial statements are available to be issued.

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

 

F-1 

In performing an audit in accordance with US GAAS, we:

 

  •  

Exercise professional judgment and maintain professional skepticism throughout the audit.

 

  •  

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

 

  •  

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

 

  •  

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

 

  •  

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

 

/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
February 19, 2026

 

 F-2

RiverSource Life Insurance Company

 

 

CONSOLIDATED BALANCE SHEETS

(in millions, except share amounts)

 

December 31,    2025        2024  
Assets        

Investments:

        

Available-for-Sale: Fixed maturities, at fair value (amortized cost: 2025, $26,292; 2024, $23,127; allowance for credit losses: 2025, $1; 2024, $1)

    $ 26,105        $ 22,259  

Mortgage loans, at amortized cost (allowance for credit losses: 2025, $10; 2024, $10)

      1,927          1,797  

Policy loans

      1,056          982  

Other investments (allowance for credit losses: 2025, nil; 2024, nil)

      95          115  

Total investments

      29,183          25,153  

Investments of consolidated investment entities, at fair value

      2,618          2,387  

Cash and cash equivalents

      3,616          2,483  

Cash of consolidated investment entities, at fair value

      150          373  

Market risk benefits

      2,274          2,182  

Reinsurance recoverables (allowance for credit losses: 2025, $19; 2024, $20)

      4,213          4,046  

Receivables

      5,621          6,042  

Receivables of consolidated investment entities, at fair value

      30          31  

Accrued investment income

      239          216  

Deferred acquisition costs

      2,611          2,661  

Other assets

      14,059          10,482  

Other assets of consolidated investment entities, at fair value

      —          2  

Separate account assets

      77,645          75,576  

Total assets

    $ 142,259        $ 131,634  
       
Liabilities and Shareholder’s Equity        

Liabilities:

        

Policyholder account balances, future policy benefits and claims

    $ 46,492        $ 41,863  

Market risk benefits

      1,182          1,263  

Short-term borrowings

      200          201  

Long-term debt

      500          500  

Debt of consolidated investment entities, at fair value

      2,585          2,429  

Other liabilities

      11,727          8,298  

Other liabilities of consolidated investment entities, at fair value

      159          314  

Separate account liabilities

      77,645          75,576  

Total liabilities

      140,490          130,444  

Shareholder’s equity:

        

Common stock, $30 par value; 100,000 shares authorized, issued and outstanding

      3          3  

Additional paid-in capital

      2,466          2,466  

Accumulated deficit

      (298 )         (400 ) 

Accumulated other comprehensive income (loss), net of tax

      (402 )         (879 ) 

Total shareholder’s equity

      1,769          1,190  

Total liabilities and shareholder’s equity

    $ 142,259        $ 131,634  

See Notes to Consolidated Financial Statements.

 

F-3 

RiverSource Life Insurance Company

 

 

CONSOLIDATED STATEMENTS OF INCOME

(in millions)

 

Years Ended December 31,    2025        2024        2023  
Revenues             

Premiums

    $ 392        $ 472        $ 448  

Net investment income

      1,685          1,546          1,304  

Policy and contract charges

      2,147          2,060          2,020  

Other revenues

      571          578          590  

Net realized investment gains (losses)

      (63 )         (81 )         (70 ) 

Total revenues

      4,732          4,575          4,292  
            
Benefits and expenses             

Benefits, claims, losses and settlement expenses

      1,305          1,299          1,348  

Interest credited to fixed accounts

      475          616          654  

Remeasurement (gains) losses of future policy benefit reserves

      10          (44 )         (20 ) 

Change in fair value of market risk benefits

      1,004          628          798  

Amortization of deferred acquisition costs

      234          234          239  

Interest and debt expense

      185          192          192  

Other insurance and operating expenses

      732          729          697  

Total benefits and expenses

      3,945          3,654          3,908  

Pretax income (loss)

      787          921          384  

Income tax provision (benefit)

      85          103          (10 ) 

Net income

    $ 702        $ 818        $ 394  

See Notes to Consolidated Financial Statements.

 

 F-4

RiverSource Life Insurance Company

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

 

Years Ended December 31,    2025        2024        2023  

Net income

    $ 702        $ 818        $ 394  

Other comprehensive income (loss), net of tax:

             

Net unrealized gains (losses) on securities

      528          (276 )         509  

Effect of changes in discount rate assumptions on certain long-duration contracts

      (72 )         153          (54 ) 

Effect of changes in instrument-specific credit risk on market risk benefits

      20          (62 )         (65 ) 

Other

      1          —          —  

Total other comprehensive income (loss), net of tax

      477          (185 )         390  

Total comprehensive income (loss)

    $ 1,179        $ 633        $ 784  

See Notes to Consolidated Financial Statements.

 

F-5 

RiverSource Life Insurance Company

 

 

CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY

(in millions)

 

       

Common

Stock

     

Additional

Paid-In

Capital

     

Retained

Earnings

(Deficit)

     

Accumulated Other
Comprehensive

Income (Loss)

      Total  

Balances at January 1, 2023

      $ 3      $ 2,466      $ (412 )     $ (1,084 )     $ 973  

Net income

        —        —        394        —        394  

Other comprehensive loss, net of tax

        —        —        —        390        390  

Cash dividends to Ameriprise Financial, Inc.

        —        —        (600 )       —        (600 ) 

Balances at December 31, 2023

        3        2,466        (618 )       (694 )       1,157  

Net income

        —        —        818        —        818  

Other comprehensive income, net of tax

        —        —        —        (185 )       (185 ) 

Cash dividends to Ameriprise Financial, Inc.

        —        —        (600 )       —        (600 ) 

Balances at December 31, 2024

        3        2,466        (400 )       (879 )       1,190  

Net income

        —        —        702        —        702  

Other comprehensive loss, net of tax

        —        —        —        477        477  

Cash dividends to Ameriprise Financial, Inc.

        —        —        (600 )       —        (600 ) 

Balances at December 31, 2025

      $ 3      $ 2,466      $ (298 )     $ (402 )     $ 1,769  

See Notes to Consolidated Financial Statements.

 

 F-6

RiverSource Life Insurance Company

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

 

Years Ended December 31,    2025        2024        2023  
Cash Flows from Operating Activities             

Net income

    $ 702        $ 818        $ 394  

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

             

Depreciation, amortization and accretion, net

      (187 )         (195 )         (205 ) 

Deferred income tax (benefit) expense

      174          404          100  

Contractholder and policyholder charges, non-cash

      (400 )         (407 )         (403 ) 

Loss from equity method investments

      21          28          26  

Net realized investment (gains) losses

      6          12          46  

Impairments and provision for loan losses

      —          (1 )         (20 ) 

Net losses (gains) of consolidated investment entities

      12          (13 )         23  

Changes in operating assets and liabilities:

             

Deferred acquisition costs

      50          35          63  

Policyholder account balances, future policy benefits and claims, and market risk benefits, net

      5,013          4,238          3,474  

Derivatives, net of collateral

      (370 )         (1,669 )         (666 ) 

Reinsurance recoverables

      (43 )         89          100  

Receivables

      226          291          333  

Accrued investment income

      (23 )         (40 )         (31 ) 

Current income tax, net

      (19 )         (15 )         (323 ) 

Other operating assets and liabilities of consolidated investment entities

      6          1          (5 ) 

Other, net

      78          92          134  

Net cash provided by (used in) operating activities

      5,246          3,668          3,040  
            
Cash Flows from Investing Activities             

Available-for-Sale securities:

             

Proceeds from sales

      351          1,106          617  

Maturities, sinking fund payments and calls

      2,317          1,775          963  

Purchases

      (5,894 )         (6,039 )         (4,187 ) 

Proceeds from sales, maturities and repayments of mortgage loans

      134          123          118  

Funding of mortgage loans

      (264 )         (196 )         (74 ) 

Proceeds from sales and collections of other investments

      17          34          29  

Purchase of other investments

      (18 )         (14 )         (15 ) 

Purchase of investments by consolidated investment entities

      (1,431 )         (1,125 )         (427 ) 

Proceeds from sales, maturities and repayments of investments by consolidated investment entities

      988          1,117          643  

Purchase of equipment and software

      (11 )         (10 )         (10 ) 

Change in policy loans, net

      (74 )         (70 )         (65 ) 

Cash paid for deposit receivable

      (29 )         (33 )         (39 ) 

Cash received for deposit receivable

      427          592          774  

Advance on line of credit to Ameriprise Financial, Inc.

      (140 )         (450 )         (850 ) 

Repayment from Ameriprise Financial, Inc. on line of credit

      140          450          850  

Cash paid for written options with deferred premiums

      (50 )         (57 )         (59 ) 

Cash received from written options with deferred premiums

      20          22          43  

Other, net

      (35 )         (1 )         25  

Net cash provided by (used in) investing activities

      (3,552 )         (2,776 )         (1,664 ) 
            
Cash Flows from Financing Activities             

Policyholder account balances:

             

Deposits and other additions

      1,293          1,470          1,476  

Net transfers from (to) separate accounts

      (163 )         (176 )         (132 ) 

Surrenders and other benefits

      (1,487 )         (1,765 )         (2,102 ) 

Proceeds from line of credit with Ameriprise Financial, Inc.

      —          3          —  

Payments on line of credit with Ameriprise Financial, Inc.

      —          (3 )         —  

Cash paid for purchased options with deferred premiums

      (121 )         (148 )         (53 ) 

Cash received for purchased options with deferred premiums

      96          229          251  

Borrowings by consolidated investment entities

      1,120          1,273          —  

Repayments of debt by consolidated investment entities

      (922 )         (1,004 )         (275 ) 

Cash dividends to Ameriprise Financial, Inc.

      (600 )         (600 )         (600 ) 

Net cash provided by (used in) financing activities

      (784 )         (721 )         (1,435 ) 

Net increase (decrease) in cash and cash equivalents

      910          171          (59 ) 

Cash and cash equivalents at beginning of period

      2,856          2,685          2,744  

Cash and cash equivalents at end of period

    $ 3,766        $ 2,856        $ 2,685  

Supplemental Disclosures:

             

Interest paid excluding consolidated investment entities

    $ 27        $ 38        $ 28  

Interest paid by consolidated investment entities

      160          176          177  

See Notes to Consolidated Financial Statements.

 

F-7 

RiverSource Life Insurance Company

 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF BUSINESS AND BASIS OF PRESENTATION

RiverSource Life Insurance Company is a stock life insurance company with one wholly owned stock life insurance company subsidiary, RiverSource Life Insurance Co. of New York (“RiverSource Life of NY”). RiverSource Life Insurance Company is a wholly owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial”).

 

•  

RiverSource Life Insurance Company is domiciled in Minnesota and holds Certificates of Authority in American Samoa, the District of Columbia and all states except New York. RiverSource Life Insurance Company issues insurance and annuity products.

 

•  

RiverSource Life of NY is domiciled and holds a Certificate of Authority in New York. RiverSource Life of NY issues insurance and annuity products.

RiverSource Life Insurance Company also wholly owns RiverSource Tax Advantaged Investments, Inc. (“RTA”) and Columbia Cent CLO Advisors, LLC (“Columbia Cent”). RTA is a stock company domiciled in Delaware and is a limited partner in affordable housing partnership investments. Columbia Cent provides asset management services to collateralized loan obligations (“CLOs”).

The accompanying Consolidated Financial Statements include the accounts of RiverSource Life Insurance Company and companies in which it directly or indirectly has a controlling financial interest and variable interest entities (“VIEs”) in which it is the primary beneficiary (collectively, the “Company”). All intercompany transactions and balances have been eliminated in consolidation.

The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which vary in certain respects from reporting practices prescribed or permitted by state insurance regulatory authorities as described in Note 16. Certain reclassifications of prior period amounts have been made to conform with the current presentation.

The Company evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions requiring recognition or disclosure were identified.

The Company’s operations constitute a single operating segment, and therefore a single reportable segment, as the chief operating decision maker (“CODM”) manages the business activities using information of the Company as a whole. As its CODM, the Company’s Chairman and President utilizes the Consolidated Statements of Income and its net income metric to allocate resources and assess performance of the Company. The accounting policies used to measure the profit and loss of the segment are the same as those described in Note 2.

The Company’s principal products are variable annuities, structured variable annuities, universal life (“UL”) insurance, including indexed universal life (“IUL”) and variable universal life (“VUL”) insurance, which are issued primarily to individuals. Waiver of premium and accidental death benefit riders are generally available with UL products, in addition to other benefit riders. Variable annuity contract purchasers can choose to add an optional guaranteed minimum death benefit (“GMDB”) rider to their contract.

The Company also offers payout annuities, term life insurance and disability income (“DI”) insurance.

The Company’s business is sold through the advisor network of Ameriprise Financial Services, LLC (“AFS”), a subsidiary of Ameriprise Financial. RiverSource Distributors, Inc., a subsidiary of Ameriprise Financial, serves as the principal underwriter and distributor of variable annuity and life insurance products issued by the Company.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest (including substantive voting rights, the obligation to absorb the entity’s losses, or the rights to receive the entity’s returns) or has equity investors that do not provide sufficient financial resources for the entity to support its activities.

Voting interest entities (“VOEs”) are those entities that do not qualify as a VIE. The Company consolidates VOEs in which it holds a greater than 50% voting interest. The Company generally accounts for entities using the equity method when it holds a greater than 20% but less than 50% voting interest or when the Company exercises significant influence over the entity. All other investments that are not reported at fair value as trading or Available-for-Sale securities are accounted for using the measurement alternative method when the Company owns less than a 20% voting interest and does not exercise significant influence. Under the measurement alternative, the investment is recorded at the cost basis, less impairments, if any, plus or minus observable price changes of identical or similar investments of the same issuer.

 

 F-8

RiverSource Life Insurance Company

 

 

A VIE is consolidated by the reporting entity that determines it has both:

 

•  

the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and

 

•  

the obligation to absorb potentially significant losses or the right to receive potentially significant benefits to the VIE.

All VIEs are assessed for consolidation under this framework. When evaluating entities for consolidation, the Company considers its contractual rights in determining whether it has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. In determining whether the Company has this power, it considers whether it is acting in a role that enables it to direct the activities that most significantly impact the economic performance of an entity or if it is acting in an agent role.

In determining whether the Company has the obligation to absorb potential significant losses of the VIE or the right to receive potential significant benefits from the VIE that could potentially be significant to the VIE, the Company considers an analysis of its rights to receive benefits such as investment returns and its obligation to absorb losses associated with any investment in the VIE in conjunction with other qualitative factors. Management and incentive fees that are at market and commensurate with the level of services provided, and where the Company does not hold other interests in the VIE that would absorb more than an insignificant amount of the VIE’s expected losses or receive more than an insignificant amount of the VIE’s expected residual returns, are not considered a variable interest and are excluded from the analysis.

The consolidation guidance has a scope exception for reporting entities with interests in registered money market funds which do not have an explicit support agreement.

Amounts Based on Estimates and Assumptions

Accounting estimates are an integral part of the Consolidated Financial Statements. In part, they are based upon assumptions concerning future events. Among the more significant are those that relate to investment securities valuation and the recognition of credit losses or impairments, valuation of derivative instruments, litigation reserves, future policy benefits, market risk benefits, and income taxes and the recognition of deferred tax assets and liabilities. These accounting estimates reflect the best judgment of management and actual results could differ.

Investments

Available-for-Sale Securities

Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in accumulated other comprehensive income (loss) (“AOCI”), net of impacts to benefit reserves, reinsurance recoverables and income taxes. Gains and losses are recognized on a trade date basis in the Consolidated Statements of Income upon disposition of the securities.

Available-for-Sale securities are impaired when the fair value of an investment is less than its amortized cost. When an Available-for-Sale security is impaired, the Company first assesses whether or not: (i) it has the intent to sell the security (i.e., made a decision to sell) or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions exist, the Company recognizes an impairment by reducing the book value of the security for the difference between the investment’s amortized cost and its fair value with a corresponding charge to earnings. Subsequent increases in the fair value of Available-for-Sale securities that occur in periods after a write-down has occurred are recorded as unrealized gains in other comprehensive income (loss) (“OCI”), while subsequent decreases in fair value would continue to be recorded as reductions of book value with a charge to earnings.

For securities that do not meet the above criteria, the Company determines whether the decrease in fair value is due to a credit loss or due to other factors. The amount of impairment due to credit-related factors, if any, is recognized as an allowance for credit losses with a related charge to Net realized investment gains (losses). The allowance for credit losses is limited to the amount by which the security’s amortized cost basis exceeds its fair value. The amount of the impairment related to other factors is recognized in OCI.

Factors the Company considers in determining whether declines in the fair value of fixed maturity securities are due to credit-related factors include: (i) the extent to which the market value is below amortized cost; (ii) fundamental analysis of the liquidity, business prospects and overall financial condition of the issuer; and (iii) market events that could impact credit ratings, economic and business climate, litigation and government actions, and similar external business factors.

If through subsequent evaluation there is a sustained increase in cash flows expected, both the allowance and related charge to earnings may be reversed to reflect the increase in expected principal and interest payments.

In order to determine the amount of the credit loss component for corporate debt securities, a best estimate of the present value of cash flows expected to be collected discounted at the security’s effective interest rate is compared to the amortized cost basis of the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and the Company’s position in the debtor’s overall capital structure. When assessing potential credit-related impairments for structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities and asset backed securities), the Company also considers credit-related factors such as overall deal structure and its

 

F-9 

RiverSource Life Insurance Company

 

 

position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections.

Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for Available-for-Sale securities. Accrued interest on Available-for-Sale securities is recorded as earned in Accrued investment income. Available-for-Sale securities are generally placed on nonaccrual status when the accrued balance becomes 90 days past due or earlier based on management’s evaluation of the facts and circumstances of each security under review. All previously accrued interest is reversed through Net investment income.

Other Investments

Other investments primarily reflect the Company’s interests in affordable housing partnerships and syndicated loans. Affordable housing partnerships are accounted for under the equity method.

Financing Receivables

Financing receivables are comprised of commercial loans, policy loans, and deposit receivables.

Commercial Loans

Commercial loans include commercial mortgage loans and syndicated loans and are recorded at amortized cost less the allowance for credit losses. Commercial mortgage loans are recorded within Mortgage loans and syndicated loans are recorded within Other investments. Commercial mortgage loans are loans on commercial properties that are originated by the Company. Syndicated loans represent the Company’s investment in loan syndications originated by unrelated third parties.

Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on commercial mortgage loans and syndicated loans is recorded in Net investment income.

Policy Loans

Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on policy loans is recorded in Net investment income.

Deposit Receivables

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability related to insurance risk in accordance with applicable accounting standards. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits made and any related embedded derivatives are included in Receivables. As amounts are received, consistent with the underlying contracts, deposit receivables are adjusted. Deposit receivables are accreted using the interest method and the accretion is reported in Other revenues.

See Note 7 for additional information on financing receivables.

Allowance for Credit Losses

The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected over the asset’s expected life, considering past events, current conditions and reasonable and supportable forecasts of future economic conditions. Estimates of expected credit losses consider both historical charge-off and recovery experience as well as current economic conditions and management’s expectation of future charge-off and recovery levels. Expected losses related to risks other than credit risk are excluded from the allowance for credit losses. The allowance for credit losses is measured and recorded upon initial recognition of the loan, regardless of whether it is originated or purchased. The methods and information used to develop the allowance for credit losses for each class of financing receivable are discussed below.

Commercial Loans

The allowance for credit losses for commercial mortgage loans and syndicated loans utilizes a probability of default and loss severity approach to estimate lifetime expected credit losses. Actual historical default and loss severity data for each type of commercial loan is adjusted for current conditions and reasonable and supportable forecasts of future economic conditions to develop the probability of default and loss severity assumptions that are applied to the amortized cost basis of the loans over the expected life of each portfolio. The allowance for credit losses on commercial mortgage loans and syndicated loans is recorded through provisions charged to Net realized investment gains (losses) and is reduced/increased by net charge-offs/recoveries.

Management determines the adequacy of the allowance for credit losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value (“LTV”) ratios, and occupancy rates, along with reasonable and supportable forecasts of economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change. While the Company may

 

 F-10

RiverSource Life Insurance Company

 

 

attribute portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses expected over the life of the loan portfolio.

Deposit Receivables

The allowance for credit losses is calculated on an individual reinsurer basis. Deposit receivables are collateralized by underlying trust arrangements. Management evaluates the terms of the reinsurance and trust agreements, the nature of the underlying assets, and the potential for changes in the collateral value when considering the need for an allowance for credit losses.

Nonaccrual Loans

Commercial mortgage loans and syndicated loans are placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining principal balance has been determined to be fully collectible. Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for commercial mortgage loans and syndicated loans.

Loan Modifications

A loan is modified when the Company makes certain concessionary modifications to contractual terms such as principal forgiveness, interest rate reductions, other-than-insignificant payment delays, and/or term extensions in an attempt to make the loan more affordable to a borrower experiencing financial difficulties. Generally, performance prior to the modification or significant events that coincide with the modification are considered in assessing whether the borrower can meet the new terms which may result in the loan being returned to accrual status at the time of the modification or after a performance period. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status.

Charge-off and Foreclosure

Charge-offs are recorded when the Company concludes that all or a portion of the commercial mortgage loan or syndicated loan is uncollectible. Factors used by the Company to determine whether all amounts due on commercial mortgage loans will be collected, include but are not limited to, the financial condition of the borrower, performance of the underlying properties, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on property type and geographic location. Factors used by the Company to determine whether all amounts due on syndicated loans will be collected, include but are not limited to the borrower’s financial condition, industry outlook, and internal risk ratings based on rating agency data and internal analyst expectations.

If it is determined that foreclosure on a commercial mortgage loan is probable and the fair value is less than the current loan balance, expected credit losses are measured as the difference between the amortized cost basis of the asset and fair value less estimated costs to sell, if applicable. Upon foreclosure, the commercial mortgage loan and related allowance are reversed, and the foreclosed property is recorded as real estate owned within Other assets.

Cash and Cash Equivalents

Cash equivalents include highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less.

Reinsurance

The Company cedes insurance risk to other insurers under reinsurance agreements.

Reinsurance premiums paid and benefits received are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Reinsurance premiums paid for traditional life, long term care (“LTC”) and DI insurance and life contingent payout annuities, net of the change in any prepaid reinsurance asset, are reported as a reduction of Premiums. Reinsurance recoveries are reported as components of Benefits, claims, losses and settlement expenses.

UL and VUL reinsurance premiums are reported as a reduction of Policy and contract charges. In addition, for UL and VUL insurance policies, the net cost of reinsurance ceded, which represents the discounted amount of the expected cash flows between the reinsurer and the Company, is classified as an asset and amortized based on estimated gross profits over the period the reinsurance policies are in force. Changes in the net cost of reinsurance are reflected as a component of Policy and contract charges.

Insurance liabilities are reported before the effects of reinsurance. Policyholder account balances, future policy benefits and claims recoverable under reinsurance contracts are recorded within Reinsurance recoverables, net of the allowance for credit losses. The Company evaluates the financial condition of its reinsurers prior to entering into new reinsurance contracts and on a periodic basis during the contract term. The allowance for credit losses related to reinsurance recoverable is based on applying observable industry data including insurer ratings, default and loss severity data to the Company’s reinsurance recoverable balances. Management evaluates the results of the calculation and considers differences between the industry data and the Company’s data. Such differences include that the Company has no actual history of significant losses and that industry data may

 

F-11 

RiverSource Life Insurance Company

 

 

contain non-life insurers. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change given the long-term nature of these receivables. In addition, the Company has a reinsurance protection agreement that provides credit protections for its reinsured LTC business. The allowance for credit losses on reinsurance recoverable is recorded through provisions charged to Benefits, claims, losses and settlement expenses.

The Company also assumes life insurance and fixed annuity risk from other insurers in limited circumstances. Reinsurance premiums received and benefits paid are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Liabilities for assumed business are recorded within Policyholder account balances, future policy benefits and claims.

See Note 9 for additional information on reinsurance.

Land, Buildings, Equipment and Software

Land, buildings, equipment and internally developed software are carried at cost less accumulated depreciation or amortization and are reflected within Other assets. The Company uses the straight-line method of depreciation and amortization over periods ranging from three to 39 years.

As of December 31, 2025 and 2024, land, buildings, equipment and software were $109 million and $113 million, net of accumulated depreciation of $273 million and $258 million as of December 31, 2025 and 2024, respectively. Depreciation and amortization expense for the years ended December 31, 2025, 2024 and 2023 was $15 million, $14 million and $15 million, respectively.

Derivative Instruments and Hedging Activities

Freestanding derivative instruments are recorded at fair value and are reflected in Other assets or Other liabilities. The Company’s policy is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. The accounting for changes in the fair value of a derivative instrument depends on its intended use and the resulting hedge designation, if any. The Company primarily uses derivatives as economic hedges that are not designated as accounting hedges or do not qualify for hedge accounting treatment. The Company occasionally designates derivatives as (i) hedges of changes in the fair value of assets, liabilities, or firm commitments (“fair value hedges”) or (ii) hedges of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedges”).

Derivative instruments that are entered into for hedging purposes are designated as such at the time the Company enters into the contract. For all derivative instruments that are designated for hedging activities, the Company documents all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. Management also documents its risk management objectives and strategies for entering into the hedge transactions. The Company assesses, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged items. If it is determined that a derivative is no longer highly effective as a hedge, the Company will discontinue the application of hedge accounting.

For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current period earnings. Changes in fair value of derivatives are presented in the Consolidated Statements of Income based on the nature and use of the instrument. Changes in fair value of derivatives used as economic hedges are presented in the Consolidated Statements of Income with the corresponding change in the hedged asset or liability.

For derivative instruments that qualify as fair value hedges, changes in the fair value of the derivatives, as well as changes in the fair value of the hedged assets, liabilities or firm commitments, are recognized on a net basis in current period earnings. The carrying value of the hedged item is adjusted for the change in fair value from the designated hedged risk. If a fair value hedge designation is removed or the hedge is terminated prior to maturity, previous adjustments to the carrying value of the hedged item are recognized into earnings over the remaining life of the hedged item.

For derivative instruments that qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instruments is reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented in the Consolidated Statements of Income with the hedged instrument or transaction impact. Any ineffective portion of the gain or loss is reported in current period earnings as a component of Net investment income. If a hedge designation is removed or a hedge is terminated prior to maturity, the amount previously recorded in AOCI is reclassified to earnings over the period that the hedged item impacts earnings. For hedge relationships that are discontinued because the forecasted transaction is not expected to occur according to the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately.

The equity component of indexed annuity, structured variable annuity and IUL obligations are considered embedded derivatives.

See Note 14 for information regarding the Company’s fair value measurement of derivative instruments and Note 18 for the impact of derivatives on the Consolidated Statements of Income.

 

 F-12

RiverSource Life Insurance Company

 

 

Market Risk Benefits

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Guarantees accounted for as market risk benefits include GMDB, guaranteed minimum income benefit (“GMIB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum accumulation benefits (“GMAB”). If a contract contains multiple market risk benefits, those market risk benefits are bundled together as a single compound market risk benefit.

Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach dependent upon the fee structure of the contract. Changes in fair value are recognized in net income each period with the exception of the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in OCI.

Deferred Acquisition Costs

The Company incurs costs in connection with acquiring new and renewal insurance and annuity businesses. The portion of these costs which are incremental and direct to the acquisition of a new or renewal insurance policy or annuity contract are deferred. Significant costs capitalized include sales based compensation related to the acquisition of new and renewal insurance policies and annuity contracts, medical inspection costs for successful sales, and a portion of employee compensation and benefit costs based upon the amount of time spent on successful sales. Sales based compensation paid to Ameriprise Financial’s advisors and employees and third-party distributors is capitalized. Employee compensation and benefits costs which are capitalized relate primarily to sales efforts, underwriting and processing. All other costs which are not incremental direct costs of acquiring an insurance policy or annuity contract are expensed as incurred. The deferred acquisition costs (“DAC”) associated with insurance policies or annuity contracts that are significantly modified or internally replaced with another contract are accounted for as write-offs. These transactions are anticipated in establishing amortization periods and other valuation assumptions.

The Company monitors other DAC amortization assumptions, such as persistency, mortality, morbidity, and variable annuity benefit utilization each quarter and, when assessed independently, each could impact the Company’s DAC balances. Unamortized DAC is reduced for actual experience in excess of expected experience.

The analysis of DAC balances and the corresponding amortization considers all relevant factors and assumptions described previously. Unless the Company’s management identifies a significant deviation over the course of the quarterly monitoring, management reviews and updates these DAC amortization assumptions annually in the third quarter of each year.

DAC is amortized on a constant-level basis for the grouped contracts over the expected contract term to approximate straight-line amortization. Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability for future policy benefits. DAC related to all long-duration product types (except for life contingent payout annuities) is grouped on a calendar-year annual basis for each legal entity. Further disaggregation is reported for any contracts that include an additional liability for death or other insurance benefit. DAC related to life contingent payout annuities is grouped on a calendar-year annual basis for each legal entity for policies issued prior to 2021 and on a quarterly basis for each legal entity thereafter.

DAC related to annuity products (including variable deferred annuities, structured variable annuities, fixed deferred annuities, and life contingent payout annuities) is amortized based on initial premium. DAC related to life insurance products (including UL insurance, VUL insurance, IUL insurance, term life insurance, and whole life insurance) is amortized based on original specified amount (i.e., face amount). DAC related to DI insurance is amortized based on original monthly benefit.

The accounting contract term for annuity products (except for life contingent payout annuities) is the projected accumulation period. Life contingent payout annuities are amortized over the period which annuity payments are expected to be paid. The accounting contract term for life insurance products is the projected life of the contract. DI insurance is amortized over the projected life of the contract, including the claim paying period.

Deferred Sales Inducement Costs

Deferred sales inducements are contract features that are intended to attract new customers or to persuade existing customers to keep their current policy. Sales inducement costs consist of bonus interest credits and premium credits added to certain annuity contract and insurance policy values. These benefits are capitalized to the extent they are incremental to amounts that would be credited on similar contracts without the applicable feature. The amounts capitalized are amortized on a constant level basis using the same methodology and assumptions used to amortize DAC. Deferred sales inducement costs (“DSIC”) is recorded in Other assets and amortization of DSIC is recorded in Benefits, claims, losses and settlement expenses.

Separate Account Assets and Liabilities

Separate account assets represent funds held for the benefit of, and Separate account liabilities represent the obligation to, the variable annuity contractholders and variable life insurance policyholders who have a contractual right to receive the benefits of their contract or policy and bear the related investment risk. Gains and losses on separate account assets accrue directly to the

 

F-13 

RiverSource Life Insurance Company

 

 

contractholder or policyholder and are not reported in the Company’s Consolidated Statements of Income. Separate account assets are recorded at fair value and Separate account liabilities are equal to the assets recognized.

Policyholder Account Balances, Future Policy Benefits and Claims

The Company establishes reserves to cover the benefits associated with non-traditional and traditional long-duration products. Non-traditional long-duration products include variable and structured variable annuity contracts, fixed annuity contracts and UL and VUL policies. Traditional long-duration products include term life, whole life, DI and LTC insurance products and life contingent payout annuity products.

Non-Traditional Long-Duration Products

The liabilities for non-traditional long-duration products include fixed account values on variable and fixed annuities and UL and VUL policies, non-life contingent payout annuities, liabilities for guaranteed benefits associated with variable annuities (including structured variable annuities), and embedded derivatives for structured variable annuities, indexed annuities and IUL products.

Liabilities for fixed account values on variable annuities, structured variable annuities, fixed deferred annuities, and UL and VUL policies are equal to accumulation values, which are the cumulative gross deposits and credited interest less withdrawals and various charges. The liability for non-life contingent payout annuities is recognized as the present value of future payments using the effective yield at inception of the contract.

A portion of the Company’s UL and VUL policies have product features that result in profits followed by losses from the insurance component of the contract. These profits followed by losses can be generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. The liability for these future losses is determined at the reporting date by estimating the death benefits in excess of account value and recognizing the excess over the estimated life based on expected assessments (e.g. cost of insurance charges, contractual administrative charges, similar fees and investment margin). See Note 10 for information regarding the liability for contracts with secondary guarantees. Liabilities for fixed deferred indexed annuity, structured variable annuity and IUL products are equal to the accumulation of host contract values, guaranteed benefits, and the fair value of embedded derivatives.

See Note 12 for information regarding variable annuity guarantees.

Embedded Derivatives

The fair value of embedded derivatives related to structured variable annuities, indexed annuities and IUL fluctuate based on equity markets and interest rates and the estimate of the Company’s nonperformance risk and is recorded in Policyholder account balances, future policy benefits and claims. See Note 14 for information regarding the fair value measurement of embedded derivatives.

Traditional Long-Duration Products

The liability for future policy benefits for traditional long-duration products include cash flows related to unpaid amounts on reported claims, estimates of benefits payable on claims incurred but not yet reported and estimates of benefits that will become payable on term life, whole life, DI and LTC insurance policies and life contingent payout annuity policies as claims are incurred in the future. A liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, is accrued as premium revenue is recognized. Expected insurance benefits are accrued over the life of the contract in proportion to premium revenue recognized (referred to as the net premium approach). The net premium ratio reflects cash flows from contract inception to contract termination (i.e., through the claim paying period) and cannot exceed 100%.

Assumptions utilized in the net premium approach, including mortality, morbidity, and terminations, are reviewed as part of experience studies at least annually or more frequently if suggested by evidence. Expense assumptions and actual expenses are updated within the net premium calculation consistent with other policyholder assumptions.

The updated cash flows used in the calculation are discounted using a forward rate curve. The discount rate represents an upper-medium-grade (i.e., low credit risk) fixed-income instrument yield (i.e., an A rating) that reflects the duration characteristics of the liability. Discount rates are locked in annually, at the end of each year for all products, except life contingent payout annuities, and calculated as the monthly average discount rate curves for the year. For life contingent payout annuities, the discount rates are locked in quarterly at the end of each quarter based on the average of the three months for the quarter.

The liability for future policy benefits will be updated for actual experience at least on an annual basis and concurrent with changes to cash flow assumptions. When net premiums are updated for cash flow changes, the estimated cash flows over the entire life of a group of contracts are updated using historical experience and updated future cash flow assumptions.

The revised net premiums are used to calculate an updated liability for future policy benefits as of the beginning of the reporting period, discounted at the original locked in rate (i.e., contract issuance rate). The updated liability for future policy benefits as of

 

 F-14

RiverSource Life Insurance Company

 

 

the beginning of the reporting period is then compared with the carrying amount of the liability as of that date prior to updating cash flow assumptions to determine the current period remeasurement gain or loss reflected in current period earnings. The revised net premiums are then applied as of the beginning of the quarter to calculate the benefit expense for the current reporting period.

The difference between the updated carrying amount of the liability for future policy benefits measured using the current discount rate assumption and the original discount rate assumption is recognized in OCI. The interest accretion rate remains the original discount rate used at contract issue date.

If the updating of cash flow assumptions results in the present value of future benefits and expenses exceeding the present value of future gross premiums, a charge to net income is recorded for the current reporting period such that net premiums are set equal to gross premiums. In subsequent periods, the liability for future policy benefits is accrued with net premiums set equal to gross premiums.

Contracts (except for life contingent payout annuities sold subsequent to December 31, 2020) are grouped into cohorts by contract type and issue year, as well as by legal entity and reportable segment. Life contingent payout annuities sold in periods beginning in 2021 are grouped into quarterly cohorts.

See Note 10 for information regarding the liabilities for traditional long-duration products.

Deferred Profit Liability

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefits, including discount rate, mortality, lapses and expenses.

The DPL is amortized and recognized as premium revenue in proportion to expected future benefit payments from annuity contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimate of cash flows from the DPL at the same time as the estimates of cash flows for the liability for future policy benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, and any difference is recognized as either a charge or credit to premium revenue.

DPL is recorded in Policyholder account balances, future policy benefits and claims and included as a reconciling item within Note 10.

Unearned Revenue Liability

The Company’s UL and VUL policies require payment of fees or other policyholder assessments in advance for services to be provided in future periods. These charges are deferred as unearned revenue and amortized using the same assumptions and factors used to amortize DAC. The unearned revenue liability is recorded in Other liabilities and the amortization is recorded in Policy and contract charges.

Income Taxes

The Company qualifies as a life insurance company for federal income tax purposes. As such, the Company is subject to the Internal Revenue Code provisions applicable to life insurance companies.

The Company’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The Company provides for income taxes on a separate return basis, except that, under an agreement between Ameriprise Financial and the Company, tax benefits are recognized for losses to the extent they can be used in the consolidated return. It is the policy of Ameriprise Financial that it will reimburse its subsidiaries for any tax benefits recorded. The controlled group for which the Company is a member is an applicable corporation with regard to the corporate alternative minimum tax (“CAMT”) and is therefore required to compute the CAMT. In accordance with the tax sharing agreement, Ameriprise Financial will be liable for any CAMT liability and expense.

The Company’s provision for income taxes represents the net amount of income taxes that the Company expects to pay or to receive from various taxing jurisdictions in connection with its operations. The Company provides for income taxes based on amounts that the Company believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items.

In connection with the provision for income taxes, the Consolidated Financial Statements reflect certain amounts related to deferred tax assets and liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes.

The Company is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of

 

F-15 

RiverSource Life Insurance Company

 

 

the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Management may need to identify and implement appropriate planning strategies to ensure its ability to realize deferred tax assets and reduce the likelihood of the establishment of a valuation allowance with respect to such assets. See Note 20 for additional information on the Company’s valuation allowance.

Changes in tax rates and tax law are accounted for in the period of enactment. Deferred tax assets and liabilities are adjusted for the effect of a change in tax laws or rates and the effect is included in net income.

Revenue Recognition

Premiums on traditional life, DI and LTC insurance products and life contingent payout annuities are net of reinsurance ceded and are recognized as revenue when due.

Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts on all performing fixed maturity securities classified as Available-for-Sale so that the related security or loan recognizes a constant rate of return on the outstanding balance throughout its term. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and updated future payment assumptions and a catch-up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively.

Mortality and expense risk fees are generally calculated as a percentage of the fair value of assets held in separate accounts and recognized when assessed. Variable annuity guaranteed benefit rider charges and cost of insurance charges on UL and VUL insurance and contract charges (net of reinsurance premiums and cost of reinsurance for UL insurance products) and surrender charges on annuities and UL and VUL insurance are recognized as revenue when assessed. These fees and charges are recorded in Policy and contract charges.

Realized gains and losses on the sale of securities, other than equity method investments, are recognized using the specific identification method on a trade date basis.

Fees received under marketing support and distribution services arrangements are recognized as revenue when earned.

See Note 4 for further discussion of accounting policies on revenue from contracts with customers.

3. RECENT ACCOUNTING PRONOUNCEMENTS

Adoption of New Accounting Standards

Income Taxes — Improvements to Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table. The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024. The Company elected retrospective application and adopted the standard on January 1, 2025. The adoption of the standard did not have an impact on the Company’s consolidated financial condition and results of operations as the standard is disclosure-related only.

Future Adoption of New Accounting Standards

Expenses — Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, requiring public business entities to disclose disaggregated information about certain income statement expense line items. The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis. The standard is to be applied prospectively and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is assessing changes to disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company’s consolidated financial condition and results of operations as the standard is disclosure-related only.

Financial Instruments — Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows all entities to apply a practical expedient when estimating expected credit losses that assumes current conditions as of the balance sheet date will remain unchanged over the asset’s remaining life. The standard is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those years. The adoption of the standard will not have an impact on the Company’s consolidated financial condition and results of operations.

Intangibles — Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to clarify and modernize the accounting treatment for internal-use software costs by eliminating the use of the sequential software

 

 F-16

RiverSource Life Insurance Company

 

 

development project stages method and provide further guidance on when an entity is required to start capitalizing eligible costs. Under the new guidance, capitalization begins when both of the following occur: (a) management, with the relevant authority, implicitly or explicitly authorizes and commits to funding a computer software project and (b) it is probable that the project will be completed, and the software will be used to perform the function intended. The Company can elect prospective, retrospective, or modified retrospective adoption. The standard is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those years. The Company is evaluating the impact of the standard on its consolidated financial condition and results of operations.

Financial Instruments — Credit Losses: Purchased Loans

In November 2025, the FASB issued ASU 2025-08, Purchased Loans, which amends the accounting for certain acquired seasoned loans to require recognizing them at their purchase price plus an allowance for expected credit losses (referred to as the gross-up method). The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and must be applied prospectively. The Company is evaluating the impact of this standard on its consolidated financial condition and results of operations.

Derivatives and Hedging — Hedge Accounting Improvements

In November 2025, the FASB issued ASU 2025-09, Hedge Accounting Improvements, to make targeted changes within the hedge accounting model. The updates primarily relate to cash flow hedges and certain fair value and net investment hedges. The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and must be applied prospectively. The Company is evaluating the impact of this standard on its consolidated financial condition and results of operations.

4. REVENUE FROM CONTRACTS WITH CUSTOMERS

The following table presents disaggregated revenue from contracts with customers and a reconciliation to total revenues reported on the Consolidated Statements of Income:

 

     Years Ended December 31,  
(in millions)    2025        2024        2023  

Policy and contract charges

             

Affiliated (from Columbia Management Investment Distributors, Inc.)

    $ 155        $ 158        $ 152  

Unaffiliated

      16          16          14  

Total

      171          174          166  

Other revenues

             

Administrative fees

             

Affiliated (from Columbia Management Investment Services, Corp.)

      40          41          39  

Unaffiliated

      20          19          17  
       60          60          56  

Other fees

             

Affiliated (from Columbia Management Investment Advisers, LLC (“CMIA”))

      330          320          307  

Unaffiliated

      5          5          4  
       335          325          311  

Total

      395          385          367  

Total revenue from contracts with customers

      566          559          533  

Revenue from other sources(1)

      4,166          4,016          3,759  

Total revenues

    $ 4,732        $ 4,575        $ 4,292  

 

(1) 

Amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.

The following discussion describes the nature, timing, and uncertainty of revenues and cash flows arising from the Company’s contracts with customers.

Policy and Contract Charges

The Company earns revenue for providing distribution-related services to affiliated and unaffiliated mutual funds that are available as underlying investments in its variable annuity and variable life insurance products. The performance obligation is satisfied at the time the mutual fund is distributed. Revenue is recognized over the time the mutual fund is held in the variable product and is generally earned based on a fixed rate applied, as a percentage, to the net asset value of the fund. The revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control, including market volatility and how long the fund(s) remain in the insurance policy or annuity contract. The revenue will not be recognized until it is probable that a significant reversal will not occur. These fees are accrued and collected on a monthly basis.

 

F-17 

RiverSource Life Insurance Company

 

 

Other Revenues

Administrative Fees

The Company earns revenue for providing customer support, contract servicing and administrative services for affiliated and unaffiliated mutual funds that are available as underlying instruments in its variable annuity and variable life insurance products. The transfer agent and administration revenue is earned daily based on a fixed rate applied, as a percentage, to assets under management. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.

Other Fees

The Company earns revenue for providing affiliated and unaffiliated partners an opportunity to educate the financial advisors of its affiliate, AFS, that sell the Company’s products as well as product and marketing personnel to support the offer, sale and servicing of funds within the Company’s variable annuity and variable life insurance products. These payments allow the parties to train and support the advisors, explain the features of their products, and distribute marketing and educational materials. The affiliated revenue is earned based on a rate, updated at least annually, which is applied, as a percentage, to the market value of assets invested. The unaffiliated revenue is earned based on a fixed rate applied, as a percentage, to the market value of assets invested. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.

Receivables

Receivables for revenue from contracts with customers are recognized when the performance obligation is satisfied and the Company has an unconditional right to the revenue. Receivables related to revenues from contracts with customers were $53 million and $50 million as of December 31, 2025 and 2024, respectively.

5. VARIABLE INTEREST ENTITIES

The Company provides asset management services to CLOs which are considered to be VIEs that are sponsored by the Company. In addition, the Company invests in structured investments other than CLOs and certain affordable housing partnerships which are considered VIEs. The Company consolidates the CLOs if the Company is deemed to be the primary beneficiary. The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its initial investment and existing future funding commitments, and the Company has not provided any additional support to these entities. The Company has unfunded commitments related to consolidated CLOs of $6 million and $2 million as of December 31, 2025 and 2024, respectively.

See Note 2 for further discussion of the Company’s accounting policy on consolidation.

Structured Investments

The Company invests in structured investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities and commercial and residential mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary of these structures due to the size of the Company’s investment in the entities and position in the capital structure of these entities.

Additionally, the Company invests in CLOs for which it is the sponsor. CLOs are asset backed financing entities collateralized by a pool of assets, primarily syndicated loans and, to a lesser extent, high-yield bonds. Multiple tranches of debt securities are issued by a CLO, offering investors various maturity and credit risk characteristics. The debt securities issued by the CLOs are non-recourse to the Company. The CLO’s debt holders have recourse only to the assets of the CLO. The assets of the CLOs cannot be used by the Company. Scheduled debt payments are based on the performance of the CLO’s collateral pool. The Company earns management fees from the CLOs based on the value of the CLO’s collateral pool and, in certain instances, may also receive incentive fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company has invested in a portion of the unrated, junior subordinated notes and highly rated senior notes of certain CLOs. The Company consolidates certain CLOs where it is the primary beneficiary.

The Company’s maximum exposure to loss with respect to structured investments and non-consolidated CLOs is limited to its amortized cost. The Company classifies these investments as Available-for-Sale securities. See Note 6 for additional information on these investments.

Affordable Housing Partnerships and Other Real Estate Partnerships

The Company is a limited partner in affordable housing partnerships that qualify for government-sponsored low income housing tax credit programs and partnerships that invest in multi-family residential properties that were originally developed with an affordable housing component. The Company has determined it is not the primary beneficiary and therefore does not consolidate these partnerships.

A majority of the limited partnerships are VIEs. The Company’s maximum exposure to loss as a result of its investment in the VIEs is limited to the carrying value. The carrying value is reflected in Other investments and was $29 million and $46 million as

 

 F-18

RiverSource Life Insurance Company

 

 

of December 31, 2025 and 2024, respectively. The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of both December 31, 2025 and 2024. The Company has not provided any additional support and is not contractually obligated to provide additional support to the VIEs beyond the funding commitments.

Fair Value of Assets and Liabilities

The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 14 for the definition of the three levels of the fair value hierarchy.

The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:

 

       December 31, 2025  
(in millions)      Level 1      Level 2      Level 3      Total  

Assets

              

Investments:

              

Corporate debt securities

      $  —      $ 71      $  —      $ 71  

Syndicated loans

        —        2,458        89        2,547  

Total investments

        —        2,529        89        2,618  

Receivables

        —        30        —        30  

Total assets at fair value

      $ —      $ 2,559      $ 89      $ 2,648  

Liabilities

              

Debt(1)

      $ —      $ 2,585      $ —      $ 2,585  

Other liabilities

        —        159        —        159  

Total liabilities at fair value

      $ —      $ 2,744      $ —      $ 2,744  

 

       December 31, 2024  
(in millions)      Level 1      Level 2      Level 3      Total  

Assets

              

Investments:

              

Corporate debt securities

      $  —      $ 50      $  —      $ 50  

Common stocks

        —        2        1        3  

Syndicated loans

        —        2,216        118        2,334  

Total investments

        —        2,268        119        2,387  

Receivables

        —        31        —        31  

Other assets

        —        2        —        2  

Total assets at fair value

      $ —      $ 2,301      $ 119      $ 2,420  

Liabilities

              

Debt(1)

      $ —      $ 2,429      $ —      $ 2,429  

Other liabilities

        —        314        —        314  

Total liabilities at fair value

      $ —      $ 2,743      $ —      $ 2,743  

 

(1) 

The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.6 billion and $2.4 billion as of December 31, 2025 and 2024, respectively.

The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis:

 

(in millions)    Common
Stocks		      Syndicated
Loans		  

Balance at January 1, 2025

    $ 1      $ 118  

Total gains (losses) included in:

      

Net income

      —        (3 )(1) 

Purchases

      —        145  

Sales

      —        (84 ) 

Settlements

      —        (14 ) 

Transfers into Level 3

      —        186  

Transfers out of Level 3

      (1 )       (259 ) 

Balance at December 31, 2025

    $  —      $ 89  

Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2025

    $ —      $ (1 )(1) 

 

F-19 

RiverSource Life Insurance Company

 

 

(in millions)    Common
Stocks		      Syndicated
Loans		  

Balance at January 1, 2024

    $  —      $ 63  

Total gains (losses) included in:

      

Net income

      (1 )(1)       (7 )(1) 

Purchases

      —        168  

Sales

      (1 )       —  

Settlements

      —        (5 ) 

Transfers into Level 3

      4        103  

Transfers out of Level 3

      (1 )       (204 ) 

Balance at December 31, 2024

    $ 1      $ 118  

 

(in millions)    Syndicated
Loans		      Other
Assets		  

Balance at January 1, 2023

    $ 125      $ 1  

Total gains (losses) included in:

      

Net income

      (4 )(1)       —  

Purchases

      45        —  

Sales

      (10 )       —  

Settlements

      (16 )       —  

Transfers into Level 3

      122        —  

Transfers out of Level 3

      (199 )       (1 ) 

Balance at December 31, 2023

    $ 63      $  —  

Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2023

    $ (1 )(1)     $ —  

 

(1) 

Included in Net investment income.

Securities and loans transferred from Level 3 primarily represent assets with fair values that are now obtained from a third-party pricing service with observable inputs or priced in active markets. Securities and loans transferred to Level 3 represent assets with fair values that are now based on a single non-binding broker quote.

All Level 3 measurements as of December 31, 2025 and 2024 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Determination of Fair Value

Assets

Investments

The fair value of syndicated loans obtained from third-party pricing services using a market approach with observable inputs is classified as Level 2. The fair value of syndicated loans obtained from third-party pricing services with a single non-binding broker quote as the underlying valuation source is classified as Level 3. The underlying inputs used in non-binding broker quotes are not readily available to the Company. See Note 14 for a description of the Company’s determination of the fair value of corporate debt securities.

Receivables

For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short-term and the receivables have been collectible. The fair value of these receivables is classified as Level 2.

Liabilities

Debt

The fair value of the CLOs’ assets, typically syndicated bank loans, is more observable than the fair value of the CLOs’ debt tranches for which market activity is limited and less transparent. As a result, the fair value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets and is classified as Level 2.

Other Liabilities

Other liabilities consist primarily of securities purchased but not yet settled by consolidated CLOs. The carrying value approximates fair value as the nature of these liabilities has historically been short-term. The fair value of these liabilities is classified as Level 2. Other liabilities also include accrued interest on CLO debt.

Fair Value Option

The Company has elected the fair value option for the financial assets and liabilities of the consolidated CLOs. Management believes that the use of the fair value option better matches the changes in fair value of assets and liabilities related to the CLOs.

 

 F-20

RiverSource Life Insurance Company

 

 

The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:

 

     December 31,  
(in millions)    2025        2024  

Syndicated Loans

        

Unpaid principal balance

    $ 2,632        $ 2,406  

Excess unpaid principal over fair value

      (85 )         (72 ) 

Fair value

    $ 2,547        $ 2,334  

Fair value of loans more than 90 days past due

    $ 1        $ 1  

Fair value of loans in nonaccrual status

    $ 1        $ 1  

Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both

    $ 14        $ 5  

Debt

        

Unpaid principal balance

    $ 2,819        $ 2,633  

Excess unpaid principal over fair value

      (234 )         (204 ) 

Carrying value(1)

    $ 2,585        $ 2,429  

 

(1) 

The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.6 billion and $2.4 billion as of December 31, 2025 and 2024, respectively.

During 2025, the Company launched one new CLO that issued debt of $406 million.

Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in Net investment income. Gains and losses related to changes in the fair value of investments are recorded in Net investment income and gains and losses on sales of investments are recorded in Net realized investment gains (losses). Interest expense on debt is recorded in Interest and debt expense with gains and losses related to changes in the fair value of debt recorded in Net investment income.

Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for the years ended December 31, 2025, 2024 and 2023.

Debt of the consolidated investment entities and the stated interest rates were as follows:

 

     Carrying Value                 Weighted Average
Interest Rate		  
     December 31,                 December 31,  
(in millions)    2025        2024                  2025        2024  

Debt of consolidated CLOs due 2030-2038

    $ 2,585        $ 2,429               5.1 %         5.9 % 

The debt of the consolidated CLOs has both fixed and floating interest rates, which range from nil to 13.3%. The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.

6. INVESTMENTS

Available-for-Sale securities distributed by type were as follows:

 

     December 31, 2025  
Description of Securities (in millions)    Amortized
Cost		     

Gross

Unrealized
Gains

     

Gross

Unrealized
Losses

      Allowance
for Credit
Losses		     

Fair

Value

  

Fixed maturities:

               

Corporate debt securities

    $ 15,751      $ 394      $ (463 )     $  —      $ 15,682  

Residential mortgage backed securities

      5,542        53        (178 )       —        5,417  

Commercial mortgage backed securities

      2,142        13        (51 )       —        2,104  

State and municipal obligations

      657        36        (15 )       (1 )       677  

Asset backed securities

      2,198        29        (4 )       —        2,223  

Foreign government bonds and obligations

      1        —        —        —        1  

U.S. government and agency obligations

      1        —        —        —        1  

Total

    $ 26,292      $ 525      $ (711 )     $ (1 )     $ 26,105  

 

F-21 

RiverSource Life Insurance Company

 

 

     December 31, 2024  
Description of Securities (in millions)    Amortized
Cost		     

Gross

Unrealized
Gains

     

Gross

Unrealized
Losses

      Allowance
for Credit
Losses		     

Fair

Value

  

Fixed maturities:

               

Corporate debt securities

    $ 13,803      $ 199      $ (709 )     $  —      $ 13,293  

Residential mortgage backed securities

      4,302        15        (278 )       —        4,039  

Commercial mortgage backed securities

      2,211        3        (114 )       —        2,100  

State and municipal obligations

      627        29        (19 )       (1 )       636  

Asset backed securities

      2,176        15        (8 )       —        2,183  

Foreign government bonds and obligations

      7        —        —        —        7  

U.S. government and agency obligations

      1        —        —        —        1  

Total

    $ 23,127      $ 261      $ (1,128 )     $ (1 )     $ 22,259  

As of December 31, 2025 and 2024, accrued interest of $233 million and $208 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Accrued investment income.

As of December 31, 2025 and 2024, fixed maturity securities comprised approximately 89% and 88%, respectively, of the Company’s total investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of December 31, 2025 and 2024, $577 million and $497 million, respectively, of securities were internally rated by CMIA, an affiliate of the Company, using criteria similar to those used by NRSROs.

A summary of fixed maturity securities by rating was as follows:

 

     December 31, 2025      December 31, 2024  
Ratings (in millions, except percentages)   

Amortized

Cost

     

Fair

Value

     

Percent of

Total Fair

Value

     

Amortized

Cost

     

Fair

Value

     

Percent of

Total Fair

Value

  

AAA

    $ 4,703      $ 4,670        18 %     $ 4,416      $ 4,284        19 % 

AA

      5,932        5,869        22        4,455        4,256        19  

A

      4,386        4,412        17        2,689        2,650        12  

BBB

      10,964        10,866        42        11,279        10,786        49  

Below investment grade

      307        288        1        288        283        1  

Total fixed maturities

    $ 26,292      $ 26,105        100 %     $ 23,127      $ 22,259        100 % 

As of December 31, 2025 and 2024, approximately 57% and 55% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively.

The Company invests in certain asset backed securities issued by affiliates. The asset backed securities are collateralized by portfolios of loans issued to advisors affiliated with AFS, an affiliated broker dealer. As of December 31, 2025, the Company had 2 affiliated issuers with holdings totaling $830 million that were individually between 18% and 29% of the Company’s total shareholder’s equity. As of December 31, 2024, the Company had 2 affiliated issuers with holdings totaling $879 million that were individually between 26% and 48% of the Company’s total shareholder’s equity. As of December 31, 2025, the Company had an additional 30 unaffiliated issuers with holdings totaling $7.0 billion that individually were between 10% and 19% of the Company’s total shareholder’s equity. As of December 31, 2024, the Company had an additional 47 unaffiliated issuers with holdings totaling $8.7 billion that individually were between 10% and 27% of the Company’s total shareholder’s equity. There were no other holdings of any other issuer greater than 10% of the Company’s total shareholder’s equity as of both December 31, 2025 and 2024.

 

 F-22

RiverSource Life Insurance Company

 

 

The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:

 

    December 31, 2025  
(in millions, except number of securities)   Less than 12 Months     12 Months or More     Total  
Description of Securities  

Number of

Securities

    

Fair

Value

    

Unrealized

Losses

    

Number of

Securities

    

Fair

Value

    

Unrealized

Losses

    

Number of

Securities

    

Fair

Value

    

Unrealized

Losses

  

Corporate debt securities

     108     $ 1,560     $ (48 )      314     $ 5,175     $ (415 )      422     $ 6,735     $ (463 ) 

Residential mortgage backed securities

     22       415       (1 )      192       1,675       (177 )      214       2,090       (178 ) 

Commercial mortgage backed securities

     8       113       —       129       1,159       (51 )      137       1,272       (51 ) 

State and municipal obligations

     14       90       (2 )      39       127       (13 )      53       217       (15 ) 

Asset backed securities

     1       10       —       13       54       (4 )      14       64       (4 ) 

Total

     153     $ 2,188     $ (51 )      687     $ 8,190     $ (660 )      840     $ 10,378     $ (711 ) 
    December 31, 2024  
(in millions, except number of securities)   Less than 12 Months     12 Months or More     Total  
Description of Securities  

Number of

Securities

    

Fair

Value

    

Unrealized

Losses

    

Number of

Securities

    

Fair

Value

    

Unrealized

Losses

    

Number of

Securities

    

Fair

Value

    

Unrealized

Losses

  

Corporate debt securities

     275     $ 5,272     $ (177 )      277     $ 3,975     $ (532 )      552     $ 9,247     $ (709 ) 

Residential mortgage backed securities

     75       1,245       (25 )      189       1,633       (253 )      264       2,878       (278 ) 

Commercial mortgage backed securities

     16       265       (5 )      166       1,589       (109 )      182       1,854       (114 ) 

State and municipal obligations

     20       56       (2 )      44       133       (17 )      64       189       (19 ) 

Asset backed securities

     6       57       (1 )      15       73       (7 )      21       130       (8 ) 

Foreign government bonds and obligations

     —       —       —       2       6       —       2       6       —  

Total

     392     $ 6,895     $ (210 )      693     $ 7,409     $ (918 )      1,085     $ 14,304     $ (1,128 ) 

As part of the Company’s ongoing monitoring process, management determined that the decrease in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2025 is primarily attributable to interest rate movements. As of December 31, 2025, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of both December 31, 2025 and 2024, approximately 96% of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

The following table presents a rollforward of the allowance for credit losses on Available-for-Sale securities:

 

(in millions)      Corporate Debt
Securities		      State and
Municipal
Obligations		      Total  

Balance at January 1, 2023

      $ 20      $ 2      $ 22  

Additions for which credit losses were not previously recorded

        1        —        1  

Reductions for securities sold during the period (realized)

        (20 )       (1 )       (21 ) 

Balance at December 31, 2023

        1        1        2  

Reductions for securities sold during the period (realized)

        (1 )       —        (1 ) 

Balance at December 31, 2024

        —        1        1  

Reductions for securities sold during the period (realized)

        —        —        —  

Balance at December 31, 2025

      $ —      $ 1      $ 1  

Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net realized investment gains (losses) were as follows:

 

     Years Ended December 31,  
(in millions)    2025        2024        2023  

Gross realized investment gains

    $ 13        $ 34        $ 11  

Gross realized investment losses

      (19 )         (46 )         (57 ) 

Credit reversals (losses)

      —          1          20  

Other impairments

      —          —          (1 ) 

Total

    $ (6 )       $ (11 )       $ (27 ) 

 

F-23 

RiverSource Life Insurance Company

 

 

Credit reversals for the year ended December 31, 2023 were the result of the sale of a corporate debt security in the communications industry. Other impairments for the year ended December 31, 2023 related to Available-for-Sale securities which the Company intended to sell.

See Note 19 for a rollforward of net unrealized investment gains (losses) included in AOCI.

Available-for-Sale securities by contractual maturity as of December 31, 2025 were as follows:

 

(in millions)    Amortized
Cost		        Fair Value  

Due within one year

    $ 176        $ 176  

Due after one year through five years

      3,603          3,526  

Due after five years through 10 years

      5,955          5,995  

Due after 10 years

      6,676          6,664  
     16,410          16,361  

Residential mortgage backed securities

      5,542          5,417  

Commercial mortgage backed securities

      2,142          2,104  

Asset backed securities

      2,198          2,223  

Total

    $ 26,292        $ 26,105  

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.

The following is a summary of Net investment income:

 

     Years Ended December 31,  
(in millions)    2025        2024        2023  

Available-for-Sale securities(1)

    $ 1,196        $ 1,007        $ 814  

Mortgage loans

      82          73          69  

Other investments and receivables(1)

      432          492          447  
     1,710          1,572          1,330  

Less: investment expenses

      25          26          26  

Total

    $ 1,685        $ 1,546        $ 1,304  

 

(1) 

Prior period amounts associated with investment income from Available-for-Sale securities have been disaggregated to conform with current period presentation with remaining amounts included in Other investments and receivables.

Net realized investment gains (losses) are summarized as follows:

 

     Years Ended December 31,  
(in millions)    2025        2024        2023  

Fixed maturities

    $ (6 )       $ (11 )       $ (27 ) 

Mortgage loans

      1          (1 )         1  

Other investments

      (58 )         (69 )         (44 ) 

Total

    $ (63 )       $ (81 )       $ (70 ) 

7. FINANCING RECEIVABLES

Financing receivables are comprised of commercial loans, policy loans and deposit receivables. See Note 2 for information regarding the Company’s accounting policies related to financing receivables and the allowance for credit losses.

Allowance for Credit Losses

The following table presents a rollforward of the allowance for credit losses:

 

(in millions)    Commercial
Loans		  

Balance at January 1, 2023

    $ 11  

Provisions

      (1 ) 

Balance at December 31, 2023

      10  

Provisions

      —  

Balance at December 31, 2024

      10  

Provisions

      —  

Balance at December 31, 2025

    $ 10  

 

F-24 

RiverSource Life Insurance Company

 

 

As of December 31, 2025 and 2024, accrued interest on commercial loans was $18 million and $17 million, respectively, and is recorded in Accrued investment income and excluded from the amortized cost basis of commercial loans.

Purchases and Sales

During the years ended December 31, 2025, 2024 and 2023, the Company purchased $17 million, $3 million and $1 million, respectively, of syndicated loans, and sold $6 million, $2 million and $1 million, respectively, of syndicated loans.

The Company has not acquired any loans with deteriorated credit quality as of the acquisition date.

Credit Quality Information

There were no nonperforming loans as of both December 31, 2025 and 2024.

Commercial Loans

Commercial Mortgage Loans

The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.

Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both December 31, 2025 and 2024. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both December 31, 2025 and 2024.

The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:

 

       December 31, 2025  
Loan-to-Value Ratio (in millions)      2025      2024      2023      2022      2021      Prior      Total  

> 100%

      $  —      $  —      $  —      $  —      $  —      $ 15      $ 15  

80% - 100%

        —        —        —        —        —        53        53  

60% - 80%

        74        80        18        7        —        98        277  

40% - 60%

        127        87        38        27        62        328        669  

< 40%

        39        12        8        63        100        701        923  

Total

      $ 240      $ 179      $ 64      $ 97      $ 162      $ 1,195      $ 1,937  

 

       December 31, 2024  
Loan-to-Value Ratio (in millions)      2024      2023      2022      2021      2020      Prior      Total  

> 100%

      $  —      $  —      $  —      $  —      $  —      $ 15      $ 15  

80% - 100%

        —        —        —        —        10        48        58  

60% - 80%

        83        39        13        9        6        121        271  

40% - 60%

        87        22        39        67        37        338        590  

< 40%

        13        7        47        94        46        666        873  

Total

      $ 183      $ 68      $ 99      $ 170      $ 99      $ 1,188      $ 1,807  

Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type.

In addition, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:

 

     Loans            Percentage  
      December 31,
2025		             December 31,
2024		             December 31,
2025		             December 31,
2024		  
     (in millions)                            

East North Central

    $ 179        $ 177          9 %         10 % 

East South Central

      43          40          2          2  

Middle Atlantic

      112          118          6          7  

Mountain

      157          149          8          8  

New England

      22          24          1          1  

Pacific

      667          602          34          33  

South Atlantic

      541          477          28          26  

West North Central

      108          117          6          7  

West South Central

      108          103          6          6  
  

 

 

       

 

 

       

 

 

       

 

 

  

Total

    $ 1,937              $ 1,807                100 %               100 % 

 

 F-25

RiverSource Life Insurance Company

 

 

Concentrations of credit risk of commercial mortgage loans by property type were as follows:

 

     Loans            Percentage  
      December 31,
2025		             December 31,
2024		             December 31,
2025		             December 31,
2024		  
     (in millions)                            

Apartments

    $ 557        $ 494          29 %         27 % 

Hotel

      40          33          2          2  

Industrial

      384          337          20          19  

Mixed use

      74          58          4          3  

Office

      181          208          9          12  

Retail

      516          533          27          29  

Other

      185          144          9          8  
  

 

 

       

 

 

       

 

 

       

 

 

  

Total

    $ 1,937              $ 1,807                100 %               100 % 

Syndicated Loans

The investment in syndicated loans as of December 31, 2025 and 2024 was $37 million and $36 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both December 31, 2025 and 2024. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality.

The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:

 

       December 31, 2025  
Internal Risk Rating (in millions)      2025      2024      2023      2022      2021      Prior      Total  

Risk 5

      $  —      $  —      $  —      $  —      $  —      $  —      $  —  

Risk 4

        —        —        —        —        —        —        —  

Risk 3

        4        —        —        —        —        —        4  

Risk 2

        7        6        1        —        1        2        17  

Risk 1

        8        7        1        —        —        —        16  

Total

      $ 19      $ 13      $ 2      $ —      $ 1      $ 2      $ 37  

 

       December 31, 2024  
Internal Risk Rating (in millions)      2024      2023      2022      2021      2020      Prior      Total  

Risk 5

      $  —      $  —      $  —      $  —      $  —      $  —      $  —  

Risk 4

        —        —        —        —        —        —        —  

Risk 3

        —        —        —        4        —        —        4  

Risk 2

        10        1        —        1        —        5        17  

Risk 1

        11        1        —        2        1        —        15  

Total

      $ 21      $ 2      $ —      $ 7      $ 1      $ 5      $ 36  

Policy Loans

Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

Deposit Receivables

Deposit receivables were $5.4 billion and $5.8 billion as of December 31, 2025 and 2024, respectively. Deposit receivables are collateralized by the fair value of the assets held in trusts. Based on management’s evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both December 31, 2025 and 2024.

8. DEFERRED ACQUISITION COSTS AND DEFERRED SALES INDUCEMENT COSTS

The following tables summarize the balances of and changes in DAC:

 

(in millions)   Variable
Annuities		     Structured
Variable
Annuities		     Fixed
Annuities		     Fixed Indexed
Annuities		     Universal Life
Insurance		     Variable
Universal Life
Insurance		  

Balance at January 1, 2025

   $ 1,388     $ 276     $ 28     $ 4     $ 103     $ 553  

Capitalization of acquisition costs

     24       88       —       —       —       62  

Amortization

     (111 )      (39 )      (5 )      (1 )      (7 )      (45 ) 

Balance at December 31, 2025

   $ 1,301     $ 325     $ 23     $ 3     $ 96     $ 570  

 

F-26 

RiverSource Life Insurance Company

 

 

(in millions)   Indexed
Universal Life
Insurance		     Other Life
Insurance		    

Life

Contingent
Payout
Annuities

     Term and
Whole Life
Insurance		     Disability
Income
Insurance		    

Total,

All Products

  

Balance at January 1, 2025

   $ 210     $ 2     $ 10     $ 17     $ 70     $ 2,661  

Capitalization of acquisition costs

     2       —       3       2       3       184  

Amortization

     (15 )      (1 )      —       (2 )      (8 )      (234 ) 

Balance at December 31, 2025

   $ 197     $ 1     $ 13     $ 17     $ 65     $ 2,611  
(in millions)   Variable
Annuities		     Structured
Variable
Annuities		     Fixed
Annuities		     Fixed Indexed
Annuities		     Universal Life
Insurance		     Variable
Universal Life
Insurance		  

Balance at January 1, 2024

   $ 1,481     $ 208     $ 35     $ 5     $ 110     $ 534  

Capitalization of acquisition costs

     24       98       —       —       —       64  

Amortization

     (117 )      (30 )      (7 )      (1 )      (7 )      (45 ) 

Balance at December 31, 2024

   $ 1,388     $ 276     $ 28     $ 4     $ 103     $ 553  
(in millions)   Indexed
Universal Life
Insurance		     Other Life
Insurance		     Life
Contingent
Payout
Annuities		     Term and
Whole Life
Insurance		     Disability
Income
Insurance		    

Total,

All Products

  

Balance at January 1, 2024

   $ 223     $ 2     $ 6     $ 17     $ 75     $ 2,696  

Capitalization of acquisition costs

     3       —       5       2       3       199  

Amortization

     (16 )      —       (1 )      (2 )      (8 )      (234 ) 

Balance at December 31, 2024

   $ 210     $ 2     $ 10     $ 17     $ 70     $ 2,661  

The following tables summarize the balances of and changes in DSIC:

 

(in millions)      Variable Annuities      Fixed Annuities     

Total,

All Products

  

Balance at January 1, 2025

      $ 121      $ 10      $ 131  

Amortization

        (12 )       (2 )       (14 ) 

Balance at December 31, 2025

      $ 109      $ 8      $ 117  

 

(in millions)      Variable Annuities      Fixed Annuities     

Total,

All Products

  

Balance at January 1, 2024

      $ 134      $ 12      $ 146  

Amortization

        (13 )       (2 )       (15 ) 

Balance at December 31, 2024

      $ 121      $ 10      $ 131  

9. REINSURANCE

The Company reinsures a portion of its insurance risks through reinsurance agreements with unaffiliated reinsurance companies. The Company reinsures 100% of its insurance risk associated with its life contingent payout annuity policies in force as of June 30, 2021 through a reinsurance agreement with Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company. Policies issued on or after July 1, 2021 and policies issued by RiverSource Life of NY are not subject to this reinsurance agreement.

Reinsurance contracts do not relieve the Company from its primary obligation to policyholders.

The Company generally reinsures 90% of the death benefit liability for new term life insurance policies beginning in 2001 (RiverSource Life of NY began in 2002) and new individual UL and VUL insurance policies beginning in 2002 (2003 for RiverSource Life of NY). Policies issued prior to these dates are not subject to these same reinsurance levels.

For IUL policies issued after September 1, 2013 and VUL policies issued after January 1, 2014, the Company generally reinsures 50% of the death benefit liability. Similarly, the Company reinsures 50% of the death benefit and morbidity liabilities related to its UL product with LTC benefits.

The maximum amount of life insurance risk the Company will retain is $10 million on a single life and $10 million on any flexible premium survivorship life policy; however, reinsurance agreements are in place such that retaining more than $1.5 million of insurance risk on a single life or a flexible premium survivorship life policy is very unusual. Risk on UL and VUL policies is reinsured on a yearly renewable term basis. Risk on most term life policies starting in 2001 (2002 for RiverSource Life of NY) is reinsured on a coinsurance basis, a type of reinsurance in which the reinsurer participates proportionally in all material risks and premiums associated with a policy.

 

 F-27

RiverSource Life Insurance Company

 

 

The Company also has life insurance and fixed annuity risk previously assumed under reinsurance arrangements with unaffiliated insurance companies.

For existing LTC policies, the Company has continued ceding 50% of the risk on a coinsurance basis to subsidiaries of Genworth Financial, Inc. (“Genworth”) and retains the remaining risk. For RiverSource Life of NY, this reinsurance arrangement applies for 1996 and later issues only, which are about 91% of the total RiverSource Life of NY in force policies. Under these agreements, the Company has the right, but never the obligation, to recapture some, or all, of the risk ceded to Genworth.

Generally, the Company retains at most $5,000 per month of risk per life on DI policies sold on policy forms introduced in most states starting in 2007 (2010 for RiverSource Life of NY) and reinsures the remainder of the risk on a coinsurance basis with unaffiliated reinsurance companies. The Company retains all risk for new claims on DI contracts sold prior to 2007 (2010 for RiverSource Life of NY). The Company also retains all risk on accidental death benefit claims and substantially all risk associated with waiver of premium provisions.

As of December 31, 2025 and 2024, traditional life and UL insurance policies in force were $197.5 billion and $198.1 billion, respectively, of which $142.3 billion and $143.5 billion as of December 31, 2025 and 2024 were reinsured at the respective year ends.

The effect of reinsurance on premiums for traditional long-duration products was as follows:

 

     Years Ended December 31,  
(in millions)    2025        2024        2023  

Direct premiums

    $ 616        $ 696        $ 674  

Reinsurance ceded

      (224 )         (224 )         (226 ) 

Net premiums

    $ 392        $ 472        $ 448  

Policy and contract charges are presented on the Consolidated Statements of Income net of $199 million, $188 million and $180 million of reinsurance ceded for non-traditional long-duration products for the years ended December 31, 2025, 2024 and 2023, respectively.

The amount of claims recovered through reinsurance on all contracts was $561 million, $466 million and $438 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Reinsurance recoverables include approximately $2.7 billion and $2.6 billion related to LTC risk ceded to Genworth as of December 31, 2025 and 2024, respectively.

Policyholder account balances, future policy benefits and claims include $333 million and $351 million related to previously assumed reinsurance arrangements as of December 31, 2025 and 2024, respectively.

10. POLICYHOLDER ACCOUNT BALANCES, FUTURE POLICY BENEFITS AND CLAIMS

Policyholder account balances, future policy benefits and claims consisted of the following:

 

     December 31,        December 31,  
(in millions)    2025        2024  

Policyholder account balances

        

Policyholder account balances

    $ 37,005        $ 32,542  

Future policy benefits

        

Reserve for future policy benefits

      7,601          7,418  

Deferred profit liability

      130          118  

Additional liabilities for insurance guarantees

      1,500          1,389  

Other insurance and annuity liabilities

      78          192  

Total future policy benefits

      9,309          9,117  

Policy claims and other policyholders’ funds

      178          204  

Total policyholder account balances, future policy benefits and claims

    $ 46,492        $ 41,863  

Variable Annuities

Purchasers of variable annuities can select from a variety of investment options and can elect to allocate a portion to a fixed account. A vast majority of the premiums received for variable annuity contracts are held in separate accounts where the assets are held for the exclusive benefit of those contractholders.

Most of the variable annuity contracts issued by the Company contain a GMDB. The Company previously offered contracts with GMAB, GMWB, and GMIB provisions. See Note 2 and Note 12 for information regarding the Company’s variable annuity guarantees. See Note 14 and Note 18 for additional information regarding the Company’s derivative instruments used to hedge risks related to these guarantees.

 

F-28 

RiverSource Life Insurance Company

 

 

Structured Variable Annuities

Structured variable annuities provide contractholders the option to allocate a portion of their account value to an indexed account held in a non-insulated separate account with the contractholder’s rate of return, which may be positive or negative, tied to selected indices, subject to either a cap or floor. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the equity and interest rate risk related to the indexed account with freestanding derivative instruments.

Fixed Annuities

Fixed annuities include deferred, payout and fixed deferred indexed annuity contracts. In 2020, the Company discontinued sales of fixed deferred and fixed deferred indexed annuities.

Deferred contracts offer a guaranteed minimum rate of interest and security of the principal invested. Payout contracts guarantee a fixed income payment for life or the term of the contract. Liabilities for fixed annuities in a benefit or payout status are based on future estimated payments using established industry mortality tables and interest rates.

The Company’s fixed index annuity product is a fixed annuity that includes an indexed account. The rate of interest credited above the minimum guarantee for funds allocated to the indexed account is linked to the performance of the specific index for the indexed account (subject to a cap). The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value.

See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.

Insurance Liabilities

UL policies accumulate cash value that increases by a fixed interest rate. Purchasers of VUL can select from a variety of investment options and can elect to allocate a portion of their account balance to a fixed account or a separate account. A vast majority of the premiums received for VUL policies are held in separate accounts where the assets are held for the exclusive benefit of those policyholders.

IUL is a UL policy that includes an indexed account. The rate of credited interest for funds allocated by a contractholder to the indexed account is linked to the performance of the specific index for the indexed account (subject to stated account parameters, which include a cap and floor, or a spread). The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the interest credited rate including equity and interest rate risk related to the indexed account with freestanding derivative instruments. See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to IUL.

The Company also offers term life insurance as well as DI products. The Company no longer offers standalone LTC products and whole life insurance but has in force policies from prior years.

Insurance liabilities include accumulation values, incurred but not reported claims, obligations for anticipated future claims, unpaid reported claims and claim adjustment expenses.

The balances of and changes in policyholder account balances were as follows:

 

(in millions, except percentages)   Variable
Annuities		     Structured
Variable
Annuities		     Fixed Annuities     Fixed Indexed
Annuities		     Non-Life
Contingent
Payout Annuities		  

Balance at January 1, 2025

   $ 3,680     $ 16,330     $ 5,369     $ 305     $ 447  

Contract deposits

     57       3,816       35       —       73  

Policy charges

     (13 )      (4 )      —       —       —  

Surrenders and other benefits

     (486 )      (846 )      (677 )      (26 )      (99 ) 

Net transfer from (to) separate account liabilities

     (31 )      —       —       —       —  

Variable account index-linked adjustments

     —       2,206       —       —       —  

Interest credited

     113       2       191       10       14  

Balance at December 31, 2025

   $ 3,320     $ 21,504     $ 4,918     $ 289     $ 435  

Weighted-average crediting rate

     3.3 %      1.9 %      3.8 %      2.1 %      N/A  

Cash surrender value(1)

   $ 3,302     $ 20,582     $ 4,916     $ 272       N/A  

 

 F-29

RiverSource Life Insurance Company

 

 

(in millions, except percentages)   Universal Life
Insurance		     Variable
Universal Life
Insurance		     Indexed
Universal Life
Insurance		     Other Life
Insurance		    

Total,

All Products

  

Balance at January 1, 2025

   $ 1,405     $ 1,647     $ 2,894     $ 465     $ 32,542  

Contract deposits

     138       318       165       —       4,602  

Policy charges

     (169 )      (91 )      (123 )      —       (400 ) 

Surrenders and other benefits

     (72 )      (102 )      (71 )      (45 )      (2,424 ) 

Net transfer from (to) separate account liabilities

     —       (132 )      —       —       (163 ) 

Variable account index-linked adjustments

     —       —       —       —       2,206  

Interest credited

     47       65       183       17       642  

Balance at December 31, 2025

   $ 1,349     $ 1,705     $ 3,048     $ 437     $ 37,005  

Weighted-average crediting rate

     3.6 %      3.9 %      3.0 %      4.0 %   

Net amount at risk

   $ 7,944     $ 57,269     $ 13,040     $ 121    

Cash surrender value(1)

   $ 1,241     $ 1,109     $ 2,640     $ 274    
(in millions, except percentages)   Variable
Annuities		     Structured
Variable
Annuities		     Fixed Annuities     Fixed Indexed
Annuities		     Non-Life
Contingent
Payout Annuities		  

Balance at January 1, 2024

   $ 4,173     $ 10,742     $ 5,982     $ 307     $ 444  

Contract deposits

     56       4,005       39       —       101  

Policy charges

     (14 )      (3 )      —       —       —  

Surrenders and other benefits

     (628 )      (383 )      (856 )      (16 )      (110 ) 

Net transfer from (to) separate account liabilities

     (32 )      —       —       —       —  

Variable account index-linked adjustments

     —       1,968       —       —       —  

Interest credited

     125       1       204       14       12  

Balance at December 31, 2024

   $ 3,680     $ 16,330     $ 5,369     $ 305     $ 447  

Weighted-average crediting rate

     3.3 %      1.9 %      3.7 %      2.0 %      N/A  

Cash surrender value(1)

   $ 3,658     $ 15,467     $ 5,365     $ 279       N/A  
(in millions, except percentages)   Universal Life
Insurance		     Variable
Universal Life
Insurance		     Indexed
Universal Life
Insurance		     Other Life
Insurance		    

Total,

All Products

  

Balance at January 1, 2024

   $ 1,474     $ 1,569     $ 2,755     $ 501     $ 27,947  

Contract deposits

     117       333       181       —       4,832  

Policy charges

     (173 )      (93 )      (124 )      —       (407 ) 

Surrenders and other benefits

     (62 )      (80 )      (79 )      (52 )      (2,266 ) 

Net transfer from (to) separate account liabilities

     —       (145 )      —       —       (177 ) 

Variable account index-linked adjustments

     —       —       —       —       1,968  

Interest credited

     49       63       161       16       645  

Balance at December 31, 2024

   $ 1,405     $ 1,647     $ 2,894     $ 465     $ 32,542  

Weighted-average crediting rate

     3.6 %      3.9 %      2.3 %      4.0 %   

Net amount at risk

   $ 8,312     $ 57,473     $ 13,593     $ 130    

Cash surrender value(1)

   $ 1,280     $ 1,092     $ 2,447     $ 298    

 

(1) 

Cash surrender value represents the amount of the contractholder’s account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.

Refer to Note 12 for the net amount at risk for market risk benefits associated with variable and structured variable annuities. Fixed, fixed indexed, and non-life contingent payout annuities do not have net amount at risk in excess of account value. Net amount at risk for insurance products is calculated as the death benefit amount in excess of applicable account values, host, embedded derivative, and separate account liabilities.

 

F-30 

RiverSource Life Insurance Company

 

 

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of December 31, 2025 and 2024 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.

 

                    December 31, 2025  
                    Account Values with Crediting Rates  
(in millions, except percentages)   Range of
Guaranteed
Minimum
Crediting
Rates		     At
Guaranteed
Minimum		     1-49 bps above
Guaranteed
Minimum		     50-99 bps above
Guaranteed
Minimum		     100-150 bps above
Guaranteed
Minimum		     Greater than
150 bps above
Guaranteed
Minimum		     Total  

Fixed accounts of variable annuities

     1 %    –     1.99 %    $ 7     $ 62     $ 82     $ 20     $ —     $ 171  
    2 %    –     2.99 %      89       8       —       —       —       97  
    3 %    –     3.99 %      1,686       —       —       1       —       1,687  
    4 %    –     5.00 %      1,321       —       —       —       —       1,321  
 

 

 

  
    Total     $ 3,103     $ 70     $ 82     $ 21     $ —     $ 3,276  
 

 

 

  

Fixed accounts of structured variable annuities

     1 %    –     1.99 %    $ —     $ 26     $ 26     $ 1     $ —     $ 53  
    2 %    –     2.99 %      16       —       —       —       —       16  
    3 %    –     3.99 %      1       —       —       —       —       1  
    4 %    –     5.00 %      —       —       —       —       —       —  
 

 

 

  
    Total     $ 17     $ 26     $ 26     $ 1     $ —     $ 70  
 

 

 

  

Fixed annuities

     1 %    –     1.99 %    $ —     $ 182     $ 143     $ 103     $ 19     $ 447  
    2 %    –     2.99 %      13       16       2       —       —       31  
    3 %    –     3.99 %      2,116       1       1       —       —       2,118  
    4 %    –     5.00 %      2,312       —       —       —       —       2,312  
 

 

 

  
    Total     $ 4,441     $ 199     $ 146     $ 103     $ 19     $ 4,908  
 

 

 

  

Non-indexed accounts of fixed indexed annuities

     1 %    –     1.99 %    $ —     $ 2     $ 4     $ 13     $ —     $ 19  
    2 %    –     2.99 %      —       —       —       —       —       —  
    3 %    –     3.99 %      —       —       —       —       —       —  
    4 %    –     5.00 %      —       —       —       —       —       —  
 

 

 

  
    Total     $ —     $ 2     $ 4     $ 13     $ —     $ 19  
 

 

 

  

Universal life insurance

     1 %    –     1.99 %    $ —     $ —     $ —     $ —     $ —     $ —  
    2 %    –     2.99 %      47       6       19       2       1       75  
    3 %    –     3.99 %      789       —       4       7       —       800  
    4 %    –     5.00 %      442       5       —       —       —       447  
 

 

 

  
    Total     $ 1,278     $ 11     $ 23     $ 9     $ 1     $ 1,322  
 

 

 

  

Fixed accounts of variable universal life insurance

     1 %    –     1.99 %    $ —     $ —     $ 3     $ 1     $ 48     $ 52  
    2 %    –     2.99 %      1       16       2       1       14       34  
    3 %    –     3.99 %      98       1       3       14       —       116  
    4 %    –     5.00 %      524       25       —       —       —       549  
 

 

 

  
    Total     $ 623     $ 42     $ 8     $ 16     $ 62     $ 751  
 

 

 

  

Non-indexed accounts of indexed universal life insurance

     1 %    –     1.99 %    $ —     $ —     $ —     $ —     $ 2     $ 2  
    2 %    –     2.99 %      —       —       —       135       —       135  
    3 %    –     3.99 %      —       —       —       —       —       —  
    4 %    –     5.00 %      —       —       —       —       —       —  
 

 

 

  
    Total     $ —     $ —     $ —     $ 135     $ 2     $ 137  
 

 

 

  

Other life insurance

     1 %    –     1.99 %    $ —     $ —     $ —     $ —     $ —     $ —  
    2 %    –     2.99 %      —       —       —       —       —       —  
    3 %    –     3.99 %      24       —       —       —       —       24  
    4 %    –     5.00 %      249       —       —       —       —       249  
 

 

 

  
    Total     $ 273     $ —     $ —     $ —     $ —     $ 273  
 

 

 

  

Total

     1 %    –     1.99 %    $ 7     $ 272     $ 258     $ 138     $ 69     $ 744  
    2 %    –     2.99 %      166       46       23       138       15       388  
    3 %    –     3.99 %      4,714       2       8       22       —       4,746  
    4 %    –     5.00 %      4,848       30       —       —       —       4,878  
 

 

 

  
    Total     $ 9,735     $ 350     $ 289     $ 298     $ 84     $ 10,756  
 

 

 

  

 

 F-31

RiverSource Life Insurance Company

 

 

                      December 31, 2025  
                      Account Values with Crediting Rates  
(in millions, except percentages)   Range of
Guaranteed
Minimum
Crediting
Rates		     At
Guaranteed
Minimum		     1-49 bps above
Guaranteed
Minimum		     50-99 bps above
Guaranteed
Minimum		     100-150 bps above
Guaranteed
Minimum		     Greater than
150 bps above
Guaranteed
Minimum		     Total  

Percentage of total account values that reset in:

                  

Next 12 months

           100.0 %      100.0 %      99.9 %      100.0 %      99.8 %      100.0 % 

> 12 months to 24 months

           —       —       —       —       —       —  

> 24 months

           —       —       0.1       —       0.2       —  

Total

           100.0 %      100.0 %      100.0 %      100.0 %      100.0 %      100.0 % 

 

                    December 31, 2024  
                    Account Values with Crediting Rates  
(in millions, except percentages)   Range of
Guaranteed
Minimum
Crediting
Rates		     At
Guaranteed
Minimum		     1-49 bps above
Guaranteed
Minimum		     50-99 bps above
Guaranteed
Minimum		     100-150 bps above
Guaranteed
Minimum		     Greater than
150 bps above
Guaranteed
Minimum		     Total  

Fixed accounts of variable annuities

     1 %    –     1.99 %    $ 24     $ 95     $ 65     $ 17     $ —     $ 201  
    2 %    –     2.99 %      112       —       —       —       —       112  
    3 %    –     3.99 %      1,894       7       —       1       —       1,902  
    4 %    –     5.00 %      1,412       —       —       —       —       1,412  
 

 

 

  
    Total     $ 3,442     $ 102     $ 65     $ 18     $ —     $ 3,627  
 

 

 

  

Fixed accounts of structured variable annuities

     1 %    –     1.99 %    $ 2     $ 20     $ 9     $ —     $ —     $ 31  
    2 %    –     2.99 %      13       —       —       —       —       13  
    3 %    –     3.99 %      1       —       —       —       —       1  
    4 %    –     5.00 %      —       —       —       —       —       —  
 

 

 

  
    Total     $ 16     $ 20     $ 9     $ —     $ —     $ 45  
 

 

 

  

Fixed annuities

     1 %    –     1.99 %    $ 85     $ 237     $ 152     $ 89     $ 14     $ 577  
    2 %    –     2.99 %      22       14       2       —       —       38  
    3 %    –     3.99 %      2,410       —       —       —       —       2,410  
    4 %    –     5.00 %      2,331       —       —       —       —       2,331  
 

 

 

  
    Total     $ 4,848     $ 251     $ 154     $ 89     $ 14     $ 5,356  
 

 

 

  

Non-indexed accounts of fixed indexed annuities

     1 %    –     1.99 %    $ —     $ 2     $ 5     $ 14     $ —     $ 21  
    2 %    –     2.99 %      —       —       —       —       —       —  
    3 %    –     3.99 %      —       —       —       —       —       —  
    4 %    –     5.00 %      —       —       —       —       —       —  
 

 

 

  
    Total     $ —     $ 2     $ 5     $ 14     $ —     $ 21  
 

 

 

  

Universal life insurance

     1 %    –     1.99 %    $ —     $ —     $ —     $ —     $ —     $ —  
    2 %    –     2.99 %      50       4       15       —       —       69  
    3 %    –     3.99 %      821       —       4       6       —       831  
    4 %    –     5.00 %      473       4       —       —       —       477  
 

 

 

  
    Total     $ 1,344     $ 8     $ 19     $ 6     $ —     $ 1,377  
 

 

 

  

Fixed accounts of variable universal life insurance

     1 %    –     1.99 %    $ —     $ —     $ 4     $ 1     $ 41     $ 46  
    2 %    –     2.99 %      7       14       —       1       12       34  
    3 %    –     3.99 %      108       1       2       12       —       123  
    4 %    –     5.00 %      564       21       —       —       —       585  
 

 

 

  
    Total     $ 679     $ 36     $ 6     $ 14     $ 53     $ 788  
 

 

 

  

Non-indexed accounts of indexed universal life insurance

     1 %    –     1.99 %    $ —     $ —     $ 4     $ 2     $ —     $ 6  
    2 %    –     2.99 %      —       125       —       —       —       125  
    3 %    –     3.99 %      —       —       —       —       —       —  
    4 %    –     5.00 %      —       —       —       —       —       —  
 

 

 

  
    Total     $ —     $ 125     $ 4     $ 2     $ —     $ 131  
 

 

 

  

 

F-32 

RiverSource Life Insurance Company

 

 

                      December 31, 2024  
                      Account Values with Crediting Rates  
(in millions, except percentages)   Range of
Guaranteed
Minimum
Crediting
Rates		     At
Guaranteed
Minimum		     1-49 bps above
Guaranteed
Minimum		     50-99 bps above
Guaranteed
Minimum		     100-150 bps above
Guaranteed
Minimum		     Greater than
150 bps above
Guaranteed
Minimum		     Total  

Other life insurance

     1 %      –       1.99 %    $ —     $ —     $ —     $ —     $ —     $ —  
    2 %      –       2.99 %      —       —       —       —       —       —  
    3 %      –       3.99 %      28       —       —       —       —       28  
    4 %      –       5.00 %      268       —       —       —       —       268  
 

 

 

  
    Total     $ 296     $ —     $ —     $ —     $ —     $ 296  
 

 

 

  

Total

     1 %      –       1.99 %    $ 111     $ 354     $ 239     $ 123     $ 55     $ 882  
    2 %      –       2.99 %      204       157       17       1       12       391  
    3 %      –       3.99 %      5,262       8       6       19       —       5,295  
    4 %      –       5.00 %      5,048       25       —       —       —       5,073  
 

 

 

  
    Total     $ 10,625     $ 544     $ 262     $ 143     $ 67     $ 11,641  
 

 

 

  

Percentage of total account values that reset in:

                  

Next 12 months

           100.0 %      100.0 %      99.9 %      100.0 %      99.8 %      100.0 % 

> 12 months to 24 months

           —       —       —       —       —       —  

> 24 months

           —       —       0.1       —       0.2       —  

Total

           100.0 %      100.0 %      100.0 %      100.0 %      100.0 %      100.0 % 

The following tables summarize the balances of and changes in the liability for future policy benefits:

 

(in millions, except percentages)   Life Contingent
Payout
Annuities		     Term and
Whole Life
Insurance		     Disability
Income
Insurance		     Long Term
Care Insurance		    

Total,

All Products

  

Present Value of Expected Net Premiums:

          

Balance at January 1, 2025

   $ —     $ 737     $ 53     $ 1,057     $ 1,847  

Beginning balance at original discount rate

     —       774       59       1,072       1,905  

Effect of changes in cash flow assumptions

     —       58       (19 )      (8 )      31  

Effect of actual variances from expected experience

     —       (17 )      (12 )      1       (28 ) 

Adjusted beginning of year balance

   $ —     $ 815     $ 28     $ 1,065     $ 1,908  

Issuances

     141       60       9       —       210  

Interest accrual

     1       39       2       50       92  

Net premiums collected

     (142 )      (78 )      (2 )      (138 )      (360 ) 

Derecognition (lapses)

     —       —       —       —       —  

Ending balance at original discount rate

   $ —     $ 836     $ 37     $ 977     $ 1,850  

Effect of changes in discount rate assumptions

     —       (23 )      (4 )      11       (16 ) 

Balance at December 31, 2025

   $ —     $ 813     $ 33     $ 988     $ 1,834  

Present Value of Future Policy Benefits:

          

Balance at January 1, 2025

   $ 1,204     $ 1,322     $ 545     $ 6,187     $ 9,258  

Beginning balance at original discount rate

     1,289       1,353       535       6,408       9,585  

Effect of changes in cash flow assumptions

     (2 )      27       (30 )      25       20  

Effect of actual variances from expected experience

     (5 )      (20 )      (25 )      13       (37 ) 

Adjusted beginning of year balance

   $ 1,282     $ 1,360     $ 480     $ 6,446     $ 9,568  

Issuances

     141       60       9       —       210  

Interest accrual

     57       74       30       316       477  

Benefit payments

     (162 )      (114 )      (41 )      (440 )      (757 ) 

Derecognition (lapses)

     —       —       —       —       —  

Ending balance at original discount rate

   $ 1,318     $ 1,380     $ 478     $ 6,322     $ 9,498  

Effect of changes in discount rate assumptions

     (45 )      (2 )      21       (45 )      (71 ) 

Balance at December 31, 2025

   $ 1,273     $ 1,378     $ 499     $ 6,277     $ 9,427  

Adjustment due to reserve flooring

   $ —     $ 8     $ —     $ —     $ 8  

Net liability for future policy benefits

   $ 1,273     $ 573     $ 466     $ 5,289     $ 7,601  

Less: reinsurance recoverable

     703       408       20       2,657       3,788  

Net liability for future policy benefits, after reinsurance recoverable

   $ 570     $ 165     $ 446     $ 2,632     $ 3,813  

 

 F-33

RiverSource Life Insurance Company

 

 

(in millions, except percentages)   Life Contingent
Payout
Annuities		     Term and
Whole Life
Insurance		     Disability
Income
Insurance		     Long Term
Care Insurance		    

Total,

All Products

  

Discounted expected future gross premiums

   $ —     $ 1,971     $ 809     $ 1,173     $ 3,953  

Expected future gross premiums

   $ —     $ 3,334     $ 1,126     $ 1,554     $ 6,014  

Expected future benefit payments

   $ 1,906     $ 2,328     $ 789     $ 10,218     $ 15,241  

Weighted average interest accretion rate

     4.4 %      6.2 %      6.3 %      5.0 %   

Weighted average discount rate

     5.0 %      5.3 %      5.2 %      5.3 %   

Weighted average duration of liability (in years)

     6       7       6       8    

 

(in millions, except percentages)   Life Contingent
Payout
Annuities		     Term and
Whole Life
Insurance		     Disability
Income
Insurance		     Long Term
Care Insurance		    

Total,

All Products

  

Present Value of Expected Net Premiums:

          

Balance at January 1, 2024

   $ —     $ 703     $ 104     $ 1,146     $ 1,953  

Beginning balance at original discount rate

     —       708       105       1,137       1,950  

Effect of changes in cash flow assumptions

     —       57       (39 )      55       73  

Effect of actual variances from expected experience

     —       (16 )      (13 )      (26 )      (55 ) 

Adjusted beginning of year balance

   $ —     $ 749     $ 53     $ 1,166     $ 1,968  

Issuances

     201       63       9       —       273  

Interest accrual

     1       38       3       55       97  

Net premiums collected

     (202 )      (76 )      (6 )      (149 )      (433 ) 

Derecognition (lapses)

     —       —       —       —       —  

Ending balance at original discount rate

   $ —     $ 774     $ 59     $ 1,072     $ 1,905  

Effect of changes in discount rate assumptions

     —       (37 )      (6 )      (15 )      (58 ) 

Balance at December 31, 2024

   $ —     $ 737     $ 53     $ 1,057     $ 1,847  

Present Value of Future Policy Benefits:

          

Balance at January 1, 2024

   $ 1,164     $ 1,325     $ 661     $ 6,561     $ 9,711  

Beginning balance at original discount rate

     1,222       1,291       621       6,507       9,641  

Effect of changes in cash flow assumptions

     (24 )      67       (61 )      58       40  

Effect of actual variances from expected experience

     (8 )      (16 )      (25 )      (48 )      (97 ) 

Adjusted beginning of year balance

   $ 1,190     $ 1,342     $ 535     $ 6,517     $ 9,584  

Issuances

     201       63       9       —       273  

Interest accrual

     56       73       34       323       486  

Benefit payments

     (158 )      (125 )      (43 )      (432 )      (758 ) 

Derecognition (lapses)

     —       —       —       —       —  

Ending balance at original discount rate

   $ 1,289     $ 1,353     $ 535     $ 6,408     $ 9,585  

Effect of changes in discount rate assumptions

     (85 )      (31 )      10       (221 )      (327 ) 

Balance at December 31, 2024

   $ 1,204     $ 1,322     $ 545     $ 6,187     $ 9,258  

Adjustment due to reserve flooring

   $ —     $ 7     $ —     $ —     $ 7  

Net liability for future policy benefits

   $ 1,204     $ 592     $ 492     $ 5,130     $ 7,418  

Less: reinsurance recoverable

     759       424       20       2,591       3,794  

Net liability for future policy benefits, after reinsurance recoverable

   $ 445     $ 168     $ 472     $ 2,539     $ 3,624  

Discounted expected future gross premiums

   $ —     $ 1,672     $ 836     $ 1,247     $ 3,755  

Expected future gross premiums

   $ —     $ 2,921     $ 1,196     $ 1,713     $ 5,830  

Expected future benefit payments

   $ 1,846     $ 2,286     $ 899     $ 10,522     $ 15,553  

Weighted average interest accretion rate

     4.5 %      6.0 %      6.3 %      5.0 %   

Weighted average discount rate

     5.4 %      5.6 %      5.6 %      5.7 %   

Weighted average duration of liability (in years)

     6       7       7       8    

Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow assumptions in the disaggregated rollforwards above. The annual review of policy benefit reserves assumptions in the third quarter of 2025 resulted in a net increase in future policy benefit reserves, primarily due to net unfavorable changes in LTC morbidity and mortality assumptions partially offset by favorable changes to disability income insurance claim incidence rates. The annual review of policy benefit reserves assumptions in the third quarter of 2024 resulted in a net decrease in future policy benefit reserves, primarily due to decreased disability income insurance claim incidence rates.

 

F-34 

RiverSource Life Insurance Company

 

 

The balances of and changes in additional liabilities related to insurance guarantees were as follows:

 

(in millions, except percentages)    Universal Life
Insurance		        Variable
Universal Life
Insurance		        Other Life
Insurance		       

Total,

All Products

  

Balance at January 1, 2025

    $ 1,301        $ 80        $ 8        $ 1,389  

Interest accrual

      40          5          1          46  

Benefit accrual

      132          10          2          144  

Benefit payments

      (84 )         (14 )         (4 )         (102 ) 

Effect of actual variances from expected experience

      11          (1 )         2          12  

Impact of change in net unrealized (gains) losses on securities

      9          —          2          11  

Balance at December 31, 2025

    $ 1,409        $ 80        $ 11        $ 1,500  

Weighted average interest accretion rate

      2.9 %         6.8 %         3.8 %      

Weighted average discount rate

      3.1 %         7.1 %         3.9 %      

Weighted average duration of reserves (in years)

      9          8          7       

 

(in millions, except percentages)    Universal Life
Insurance		        Variable
Universal Life
Insurance		        Other Life
Insurance		       

Total,

All Products

  

Balance at January 1, 2024

    $ 1,225        $ 81        $ 15        $ 1,321  

Interest accrual

      37          6          1          44  

Benefit accrual

      133          8          3          144  

Benefit payments

      (69 )         (13 )         (5 )         (87 ) 

Effect of actual variances from expected experience

      (2 )         (1 )         (1 )         (4 ) 

Impact of change in net unrealized (gains) losses on securities

      (23 )         (1 )         (5 )         (29 ) 

Balance at December 31, 2024

    $ 1,301        $ 80        $ 8        $ 1,389  

Weighted average interest accretion rate

      3.0 %         7.0 %         3.9 %      

Weighted average discount rate

      3.2 %         7.1 %         4.0 %      

Weighted average duration of reserves (in years)

      10          8          6       

The amount of revenue and interest recognized in the Statements of Income was as follows:

 

     Years Ended December 31,  
     2025        2024  
(in millions)    Gross
Premiums		        Interest
Expense		        Gross
Premiums		        Interest
Expense		  

Life contingent payout annuities

    $ 157        $ 56        $ 226        $ 55  

Term and whole life insurance

      174          35          172          35  

Disability income insurance

      114          28          119          31  

Long term care insurance

      171          266          179          268  

Total

    $ 616        $ 385        $ 696        $ 389  

The following tables summarize the balances of and changes in unearned revenue:

 

(in millions)    Universal Life
Insurance		        Variable
Universal Life
Insurance		        Indexed
Universal Life
Insurance		       

Total,

All Products

  

Balance at January 1, 2025

    $ 26        $ 249        $ 295        $ 570  

Deferral of revenue

      1          79          47          127  

Amortization

      (1 )         (21 )         (24 )         (46 ) 

Balance at December 31, 2025

    $ 26        $ 307        $ 318        $ 651  

Balance at January 1, 2024

    $ 27        $ 196        $ 266        $ 489  

Deferral of revenue

      —          70          51          121  

Amortization

      (1 )         (17 )         (22 )         (40 ) 

Balance at December 31, 2024

    $ 26        $ 249        $ 295        $ 570  

11. SEPARATE ACCOUNT ASSETS AND LIABILITIES

The fair value of separate account assets is invested exclusively in mutual funds.

 

 F-35

RiverSource Life Insurance Company

 

 

The balances of and changes in separate account liabilities were as follows:

 

(in millions)    Variable
Annuities		        Variable
Universal Life		        Total  

Balance at January 1, 2025

    $ 65,737        $ 9,839        $ 75,576  

Premiums and deposits

      996          526          1,522  

Policy charges

      (1,318 )         (321 )         (1,639 ) 

Surrenders and other benefits

      (7,347 )         (413 )         (7,760 ) 

Investment return

      8,373          1,495          9,868  

Net transfer from (to) general account

      30          48          78  

Balance at December 31, 2025

    $ 66,471        $ 11,174        $ 77,645  

Cash surrender value

    $ 65,338        $ 10,463        $ 75,801  

 

(in millions)    Variable
Annuities		        Variable
Universal Life		        Total  

Balance at January 1, 2024

    $ 65,839        $ 8,795        $ 74,634  

Premiums and deposits

      933          500          1,433  

Policy charges

      (1,365 )         (307 )         (1,672 ) 

Surrenders and other benefits

      (6,990 )         (412 )         (7,402 ) 

Investment return

      7,293          1,199          8,492  

Net transfer from (to) general account

      27          64          91  

Balance at December 31, 2024

    $ 65,737        $ 9,839        $ 75,576  

Cash surrender value

    $ 64,411        $ 9,220        $ 73,631  

12. MARKET RISK BENEFITS

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Most of the variable annuity contracts issued by the Company contain a GMDB provision. The Company previously offered contracts containing GMWB, GMAB, or GMIB provisions.

The GMDB provisions provide a specified minimum return upon death of the contractholder. The death benefit payable is the greater of (i) the contract value less any purchase payment credits subject to recapture less a pro-rata portion of any rider fees, or (ii) the GMDB provisions specified in the contract.

The Company has the following primary GMDB provisions:

 

•  

Return of premium – provides purchase payments minus adjusted partial surrenders.

 

•  

Reset – provides that the value resets to the account value at specified contract anniversary intervals minus adjusted partial surrenders. This provision was often provided in combination with the return of premium provision and is no longer offered.

 

•  

Ratchet – provides that the value ratchets up to the maximum account value at specified anniversary intervals, plus subsequent purchase payments less adjusted partial surrenders.

The variable annuity contracts with GMWB riders typically have account values that are based on an underlying portfolio of mutual funds, the values of which fluctuate based on fund performance. At contract issue, the guaranteed amount is equal to the amount deposited but the guarantee may be increased annually to the account value (a “step-up”) in the case of favorable market performance or by a benefit credit if the contract includes this provision.

The Company has GMWB riders in force, which contain one or more of the following provisions:

 

•  

Withdrawals at a specified rate per year until the amount withdrawn is equal to the guaranteed amount.

 

•  

Withdrawals at a specified rate per year for the life of the contractholder (“GMWB for life”).

 

•  

Withdrawals at a specified rate per year for joint contractholders while either is alive.

 

•  

Withdrawals based on performance of the contract.

 

•  

Withdrawals based on the age withdrawals begin.

 

•  

Credits are applied annually for a specified number of years to increase the guaranteed amount as long as withdrawals have not been taken.

Variable annuity contractholders age 79 or younger at contract issue could obtain a principal-back guarantee by purchasing the optional GMAB rider for an additional charge. The GMAB rider guarantees that, regardless of market performance at the end of the 10-year waiting period, the contract value will be no less than the original investment or a specified percentage of the highest

 

F-36 

RiverSource Life Insurance Company

 

 

anniversary value, adjusted for withdrawals. If the contract value is less than the guarantee at the end of the 10-year period, a lump sum will be added to the contract value to make the contract value equal to the guarantee value.

Individual variable annuity contracts may have both a death benefit and a living benefit. Net amount at risk is quantified for each benefit and a composite net amount at risk is calculated using the greater of the death benefit or living benefit for each individual contract. The net amount at risk for GMDB and GMAB is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero.

The following table summarizes the balances of and changes in market risk benefits:

 

     Years Ended December 31,  
(in millions, except age)    2025        2024        2023  

Balance at beginning of period

    $ (919 )       $ 335        $ 1,103  

Issuances

      23          24          17  

Interest accrual and time decay

      (116 )         (66 )         (53 ) 

Reserve increase from attributed fees collected

      761          790          788  

Reserve release for benefit payments and derecognition

      (9 )         (11 )         (35 ) 

Effect of changes in interest rates and bond markets

      (51 )         (1,078 )         (367 ) 

Effect of changes in equity markets and subaccount performance

      (1,006 )         (1,228 )         (1,267 ) 

Effect of changes in equity index volatility

      90          59          (67 ) 

Actual policyholder behavior different from expected behavior

      68          71          5  

Effect of changes in future expected assumptions

      93          106          128  

Effect of changes in the instrument-specific credit risk on market risk benefits

      (26 )         79          83  

Balance at end of period

    $ (1,092 )       $ (919 )       $ 335  

Reconciliation of the gross balances in an asset or liability position:

             

Asset position

    $ 2,274        $ 2,182        $ 1,427  

Liability position

      (1,182 )         (1,263 )         (1,762 ) 

Net asset (liability) position

    $ 1,092        $ 919        $ (335 ) 

Guaranteed benefit amount in excess of current account balances (net amount at risk):

 

          

Death benefits

    $ 291        $ 462        $ 913  

Living benefits

    $ 1,811        $ 2,429        $ 2,513  

Composite (greater of)

    $ 2,084        $ 2,829        $ 3,308  

Weighted average attained age of contractholders

      70          69          69  

Changes in unrealized (gains) losses in net income relating to liabilities held at end of period

    $ (966 )       $ (2,111 )       $ (1,551 ) 

Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period

    $ (20 )       $ 85        $ 84  

The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:

 

    December 31, 2025  
     Fair Value      Valuation Technique    Significant Inputs and Assumptions    Range     

Weighted

Average

  
    (in millions)                                    
Market risk benefits   $ (1,092 )     Discounted cash flow    Utilization of guaranteed withdrawals(1)      0.0 %    –     52.8 %       12.2 % 
        Surrender rate(2)      0.4 %    –     75.0 %       3.6 % 
        Market volatility(3)      0.0 %    –     24.9 %       11.2 % 
        Nonperformance risk(4)      65 bps        65  bps 
        Mortality rate(5)      0.0 %    –     41.6 %       1.8 % 
    December 31, 2024  
     Fair Value      Valuation Technique    Significant Inputs and Assumptions    Range     

Weighted

Average

  
    (in millions)                                    
Market risk benefits   $ (919 )     Discounted cash flow    Utilization of guaranteed withdrawals(1)      0.0 %    –     52.8 %       11.9 % 
        Surrender rate(2)      0.4 %    –     75.0 %       3.3 % 
        Market volatility(3)      0.0 %    –     24.6 %       10.3 % 
        Nonperformance risk(4)      65 bps        65  bps 
        Mortality rate(5)      0.0 %    –     41.6 %       1.7 % 

 

(1) 

The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals.

(2)

The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

 

 F-37

RiverSource Life Insurance Company

 

 

(3) 

Market volatility represents the implied volatility of each contractholder’s mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.

(4) 

The nonperformance risk is the spread added to the U.S. Treasury curve.

(5) 

The weighted average mortality rate represents the average assumption weighted based on the account value of each contract.

Changes to Significant Inputs and Assumptions:

During the years ended December 31, 2025 and 2024, the Company updated inputs and assumptions based on management’s review of experience studies. These updates resulted in the following notable changes in the fair value estimates of market risk benefits calculations:

Year ended December 31, 2025

 

•  

Updates to surrender assumptions resulted in a decrease to pretax income of $70 million.

 

•  

Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $14 million.

Year ended December 31, 2024

 

•  

Updates to surrender assumptions resulted in a decrease to pretax income of $83 million.

 

•  

Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $15 million.

Refer to the rollforward of market risk benefits for the impacts of changes to interest rate, equity market, volatility and nonperformance risk assumptions.

Uncertainty of Fair Value Measurements

Significant increases (decreases) in utilization and volatility used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value.

Significant increases (decreases) in nonperformance risk and surrender assumptions used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Significant increases (decreases) in mortality assumptions used in the fair value measurement of the death benefit portion of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value whereas significant increases (decreases) in mortality rates used in the fair value measurement of the life contingent portion of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Surrender assumptions, utilization assumptions and mortality assumptions vary with the type of base product, type of rider, duration of the policy, age of the contractholder, calendar year of the projection, previous withdrawal history, and the relationship between the value of the guaranteed benefit and the contract accumulation value.

Determination of Fair Value

The Company values market risk benefits using internal valuation models. These models include observable capital market assumptions and significant unobservable inputs related to implied volatility, contractholder behavior assumptions that include margins for risk, and the Company’s nonperformance risk. These measurements are classified as Level 3.

13. DEBT

Short-Term Borrowings

RiverSource Life Insurance Company is a member of the Federal Home Loan Bank (“FHLB”) of Des Moines which provides access to collateralized borrowings. The Company has accessed collateralized borrowings from the FHLB and has pledged (granted a lien on) certain investments as collateral, primarily commercial mortgage backed securities and residential mortgage backed securities, with an aggregate fair value of $1.1 billion and $964 million as of December 31, 2025 and 2024, respectively. The amount of the Company’s liability including accrued interest was $200 million and $201 million as of December 31, 2025 and 2024, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both December 31, 2025 and 2024. The weighted average annualized interest rate on the FHLB advances held as of December 31, 2025 and 2024 was 4.0% and 4.6%, respectively.

Lines of Credit

RiverSource Life Insurance Company, as the borrower, has a revolving credit agreement with Ameriprise Financial as the lender. The aggregate amount outstanding under this line of credit may not exceed 3% of RiverSource Life Insurance Company’s statutory admitted assets (excluding separate accounts) as of the prior year end. The interest rate under the agreement is a Daily Simple Secured Overnight Financing Rate plus 0.1% (“Adjusted Daily Simple SOFR”) plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. There were no amounts outstanding on this line of credit as of both December 31, 2025 and 2024.

 

F-38 

RiverSource Life Insurance Company

 

 

RiverSource Life of NY, as the borrower, has a revolving credit agreement with Ameriprise Financial as the lender. The aggregate amount outstanding under this line of credit may not exceed the lesser of $25 million or 3% of RiverSource Life of NY’s statutory admitted assets (excluding separate accounts) as of the prior year end. The interest rate under the agreement is an Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. The credit agreement is amended to extend the maturity on an annual basis with Ameriprise Financial, subject to the New York Department of Financial Services’ non-disapproval. There were no amounts outstanding on this line of credit as of both December 31, 2025 and 2024.

RTA, as the borrower, has a revolving credit agreement with Ameriprise Financial as the lender not to exceed $100 million. The interest rate under the agreement is an Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. There were no amounts outstanding on this line of credit as of both December 31, 2025 and 2024.

Long-Term Debt

The Company has a $500 million unsecured 3.5% surplus note due December 31, 2050 to Ameriprise Financial. The surplus note is subordinate in right of payment to the prior payment in full of the Company’s obligations to policyholders, claimants and beneficiaries and all other creditors. No payment of principal or interest shall be made without the prior approval of the Minnesota Department of Commerce and such payments shall be made only from RiverSource Life Insurance Company’s statutory surplus. Interest payments, which commenced on June 30, 2021, are due semiannually in arrears on June 30 and December 31. Subject to the preceding conditions, the Company may prepay all or a portion of the principal at any time. The outstanding balance was $500 million as of both December 31, 2025 and 2024 and is recorded in Long-term debt.

14. FAIR VALUES OF ASSETS AND LIABILITIES

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.

Valuation Hierarchy

The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are defined as follows:

 

Level 1

Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.

 

Level 2

Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.

 

Level 3

Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

 

 F-39

RiverSource Life Insurance Company

 

 

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis (See Note 5 for the balances of assets and liabilities for consolidated investment entities):

 

       December 31, 2025  
(in millions)      Level 1      Level 2      Level 3      Total  

Assets

              

Available-for-Sale securities:

              

Corporate debt securities

      $ —      $ 14,971      $ 711      $ 15,682  

Residential mortgage backed securities

        —        5,417        —        5,417  

Commercial mortgage backed securities

        —        2,104        —        2,104  

State and municipal obligations

        —        677        —        677  

Asset backed securities

        —        1,392        831        2,223  

Foreign government bonds and obligations

        —        1        —        1  

U.S. government and agency obligations

        1        —        —        1  

Total Available-for-Sale securities

        1        24,562        1,542        26,105  

Cash equivalents

        665        2,872        —        3,537  

Market risk benefits

        —        —        2,274        2,274 (1) 

Receivables:

              

Fixed deferred indexed annuity ceded embedded derivatives

        —        —        59        59  

Other assets:

              

Interest rate derivative contracts

        1        142        —        143  

Equity derivative contracts

        218        12,708        —        12,926  

Foreign exchange derivative contracts

        —        23        —        23  

Credit derivative contracts

        —        16        —        16  

Total other assets

        219        12,889        —        13,108  

Separate account assets at net asset value (“NAV”)

                                   77,645 (2) 

Total assets at fair value

      $ 885      $ 40,323      $ 3,875      $ 122,728  

Liabilities

              

Policyholder account balances, future policy benefits and claims:

              

Fixed deferred indexed annuity embedded derivatives

      $ —      $ —      $ 58      $ 58  

IUL embedded derivatives

        —        —        1,042        1,042  

Structured variable annuity embedded derivatives

        —        —        3,879        3,879  

Total policyholder account balances, future policy benefits and claims

        —        —        4,979        4,979 (3) 

Market risk benefits

        —        —        1,182        1,182 (1) 

Other liabilities:

              

Interest rate derivative contracts

        1        218        —        219  

Equity derivative contracts

        343        7,627        —        7,970  

Total other liabilities

        344        7,845        —        8,189  

Total liabilities at fair value

      $ 344      $ 7,845      $ 6,161      $ 14,350  

 

F-40 

RiverSource Life Insurance Company

 

 

       December 31, 2024  
(in millions)      Level 1      Level 2      Level 3      Total  

Assets

              

Available-for-Sale securities:

              

Corporate debt securities

      $ —      $ 12,721      $ 572      $ 13,293  

Residential mortgage backed securities

        —        4,039        —        4,039  

Commercial mortgage backed securities

        —        2,100        —        2,100  

State and municipal obligations

        —        636        —        636  

Asset backed securities

        —        1,302        881        2,183  

Foreign government bonds and obligations

        —        7        —        7  

U.S. government and agency obligations

        1        —        —        1  

Total Available-for-Sale securities

        1        20,805        1,453        22,259  

Cash equivalents

        1,215        1,227        —        2,442  

Market risk benefits

        —        —        2,182        2,182 (1) 

Receivables:

              

Fixed deferred indexed annuity ceded embedded derivatives

        —        —        55        55  

Other assets:

              

Interest rate derivative contracts

        —        179        —        179  

Equity derivative contracts

        114        8,829        —        8,943  

Foreign exchange derivative contracts

        2        40        —        42  

Credit derivative contracts

        —        59        —        59  

Total other assets

        116        9,107        —        9,223  

Separate account assets at NAV

                                   75,576 (2) 

Total assets at fair value

      $ 1,332      $ 31,139      $ 3,690      $ 111,737  

Liabilities

              

Policyholder account balances, future policy benefits and claims:

              

Fixed deferred indexed annuity embedded derivatives

      $ —      $ —      $ 53      $ 53  

IUL embedded derivatives

        —        —        1,002        1,002  

Structured variable annuity embedded derivatives

        —        —        2,461        2,461  

Total policyholder account balances, future policy benefits and claims

        —        —        3,516        3,516 (3) 

Market risk benefits

        —        —        1,263        1,263 (1) 

Other liabilities:

              

Interest rate derivative contracts

        1        323        —        324  

Equity derivative contracts

        172        5,159        —        5,331  

Foreign exchange derivative contracts

        —        7        —        7  

Total other liabilities

        173        5,489        —        5,662  

Total liabilities at fair value

      $ 173      $ 5,489      $ 4,779      $ 10,441  

 

(1) 

See Note 12 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits.

(2) 

Amounts are comprised of financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

(3) 

The Company’s adjustment for nonperformance risk resulted in a $258 million and $211 million cumulative decrease to the embedded derivatives as of December 31, 2025 and 2024, respectively.

 

 F-41

RiverSource Life Insurance Company

 

 

The following tables provide a summary of changes in Level 3 assets and liabilities measured at fair value on a recurring basis:

 

    Available-for-Sale Securities           Receivables  
(in millions)   Corporate
Debt
Securities		     Asset
Backed
Securities		     Total            Fixed Deferred
Indexed Annuity
Ceded Embedded
Derivatives		  

Balance at January 1, 2025

   $ 572     $ 881     $ 1,453       $ 55  

Total gains (losses) included in:

          

Net income

     2       —       2 (1)        9  

Other comprehensive income (loss)

     18       14       32         —  

Purchases

     169       —       169         —  

Settlements

     (50 )      (64 )      (114 )              (5 ) 

Balance at December 31, 2025

   $ 711     $ 831     $ 1,542             $ 59  

Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2025

   $ 2     $ —     $ 2 (1)      $  —  

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2025

   $ 18     $ 14     $ 32       $ —  

 

     Policyholder Account Balances,
Future Policy Benefits and Claims		  
(in millions)    Fixed
Deferred
Indexed
Annuity
Embedded
Derivatives		      IUL
Embedded
Derivatives		      Structured
Variable
Annuity
Embedded
Derivatives		      Total  

Balance at January 1, 2025

    $ 53      $ 1,002      $ 2,461      $ 3,516  

Total (gains) losses included in:

            

Net income

      10 (2)       204 (2)       1,758 (3)       1,972  

Issues

      —        (20 )       102        82  

Settlements

      (5 )       (144 )       (442 )       (591 ) 

Balance at December 31, 2025

    $ 58      $ 1,042      $ 3,879      $ 4,979  

Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2025

    $  —      $ 204 (2)     $ 1,758 (3)     $ 1,962  

 

    Available-for-Sale Securities            Receivables  
(in millions)   Corporate
Debt
Securities		      Residential
Mortgage
Backed
Securities		      Asset
Backed
Securities		      Total             Fixed Deferred
Indexed Annuity
Ceded Embedded
Derivatives		  

Balance at January 1, 2024

   $ 452      $ —      $ 555      $ 1,007        $ 51  

Total gains (losses) included in:

                

Net income

     1        —        —        1 (1)         8  

Other comprehensive income (loss)

     1        —        15        16          —  

Purchases

     227        64        334        625          —  

Settlements

     (109 )       (1 )       —        (110 )         (4 ) 

Transfers out of Level 3

     —        (63 )       (23 )       (86 )               —  

Balance at December 31, 2024

   $ 572      $ —      $ 881      $ 1,453              $ 55  

Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2024

   $ 1      $ —      $ —      $ 1 (1)       $ —  

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2024

   $ (2 )     $  —      $ 15      $ 13        $  —  

 

F-42 

RiverSource Life Insurance Company

 

 

     Policyholder Account Balances,
Future Policy Benefits and Claims		  
(in millions)    Fixed
Deferred
Indexed
Annuity
Embedded
Derivatives		      IUL
Embedded
Derivatives		      Structured
Variable
Annuity
Embedded
Derivatives		      Total  

Balance at January 1, 2024

    $ 49      $ 873      $ 1,011      $ 1,933  

Total (gains) losses included in:

            

Net income

      8 (2)       255 (2)       1,670 (3)       1,933  

Issues

      —        23        114        137  

Settlements

      (4 )       (149 )       (334 )       (487 ) 

Balance at December 31, 2024

    $ 53      $ 1,002      $ 2,461      $ 3,516  

Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2024

    $  —      $ 255 (2)     $ 1,670 (3)     $ 1,925  

 

    Available-for-Sale Securities            Receivables  
(in millions)   Corporate
Debt
Securities		      Asset
Backed
Securities		      Total             Fixed Deferred
Indexed Annuity
Ceded Embedded
Derivatives		  

Balance at January 1, 2023

   $ 395      $ 545      $ 940        $ 48  

Total gains (losses) included in:

             

Net income

     —        —        —          6  

Other comprehensive income (loss)

     12        10        22          —  

Purchases

     110        —        110          —  

Settlements

     (65 )       —        (65 )               (3 ) 

Balance at December 31, 2023

   $ 452      $ 555      $ 1,007              $ 51  

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023

   $ 11      $ 10      $ 21        $  —  

 

     Policyholder Account Balances,
Future Policy Benefits and Claims		  
(in millions)    Fixed
Deferred
Indexed
Annuity
Embedded
Derivatives		      IUL
Embedded
Derivatives		      Structured
Variable
Annuity
Embedded
Derivatives		      Total  

Balance at January 1, 2023

    $ 44      $ 739      $ (137 )(4)     $ 646  

Total (gains) losses included in:

            

Net income

      8 (2)       198 (2)       1,166 (3)       1,372  

Issues

      —        59        104        163  

Settlements

      (3 )       (123 )       (122 )       (248 ) 

Balance at December 31, 2023

    $ 49      $ 873      $ 1,011      $ 1,933  

Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2023

    $  —      $ 198 (2)     $ 1,166 (3)     $ 1,364  

 

(1) 

Included in Net investment income.

(2) 

Included in Interest credited to fixed accounts.

(3) 

Included in Benefits, claims, losses and settlement expenses.

(4) 

The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and presented as a contra liability.

The increase to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $42 million, $14 million and $51 million, net of the reinsurance accrual, for the years ended December 31, 2025, 2024 and 2023, respectively.

Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs or fair values that were included in an observable transaction with a market participant. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote.

 

 F-43

RiverSource Life Insurance Company

 

 

The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:

 

    December 31, 2025  
    

Fair

Value

      Valuation Technique    Unobservable Input    Range   Weighted
Average		  
    (in millions)                                 
Corporate debt securities (private placements)   $ 708      Discounted cash flow    Yield/spread to U.S. Treasuries(1)      0.9%     –   1.6%     1.2 % 
Asset backed securities   $ 831      flow    Annual default rate(2)      2.7%     –   6.6%     5.1 % 
        Loss severity      25.0%     25.0 % 
        Constant prepayment rate(2)      0.0%     –   1.0%     0.4 % 
        Yield/spread to U.S. Treasuries(3)      185     –   350     201  bps 
Fixed deferred indexed annuity ceded embedded derivatives   $ 59      Discounted cash flow    Surrender rate(4)      0.5%     –   89.8%     5.1 % 
Fixed deferred indexed annuity embedded derivatives   $ 58      Discounted cash flow    Surrender rate(4)      0.5%     –   89.8%     5.1 % 
        Nonperformance risk(5)      65 bps     65  bps 
IUL embedded derivatives   $ 1,042      flow    Nonperformance risk(5)      65 bps     65  bps 
Structured variable annuity embedded derivatives   $ 3,879      Discounted cash flow    Surrender rate(4)      0.5%     –   75.0%     2.0 % 
        Nonperformance risk(5)      65 bps     65  bps 

 

    December 31, 2024  
     Fair Value      Valuation Technique    Unobservable Input    Range   Weighted
Average		  
    (in millions)                                 
Corporate debt securities (private placements)   $ 572      Discounted cash flow    Yield/spread to U.S. Treasuries(1)      0.8%     –   1.7%     1.2 % 
Asset backed securities   $ 881      Discounted cash flow    Annual default rate(2)      2.2%     –   4.4%     3.6 % 
        Loss severity      25.0%     25.0 % 
        Constant prepayment rate(2)      0.0%     –   1.0%     0.4 % 
        Yield/spread to U.S. Treasuries(3)      190     –   360     205  bps 
Fixed deferred indexed annuity ceded embedded derivatives   $ 55      Discounted cash flow    Surrender rate(4)      0.0%     –   89.1%     10.6 % 
Fixed deferred indexed annuity embedded derivatives   $ 53      Discounted cash flow    Surrender rate(4)      0.0%     –   89.1%     10.6 % 
        Nonperformance risk(5)      65 bps     65  bps 
IUL embedded derivatives   $ 1,002      Discounted cash flow    Nonperformance risk(5)      65 bps     65  bps 
Structured variable annuity embedded derivatives   $ 2,461      Discounted cash flow    Surrender rate(4)      0.5%     –   75.0%     1.7 % 
        Nonperformance risk(5)      65 bps     65  bps 

 

(1) 

The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.

(2) 

The weighted average for both the annual default rate and the constant prepayment rate for asset backed securities are weighted based on the balances of each security.

(3) 

The weighted average for the yield/spread to U.S. Treasuries for asset backed securities is calculated as the sum of each tranche’s balance multiplied by its spread to U.S. Treasuries divided by the aggregate balances of the tranches.

(4)

The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

(5)

The nonperformance risk is the spread added to the U.S. Treasury curve.

Level 3 measurements not included in the tables above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Uncertainty of Fair Value Measurements

Significant increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities and asset backed securities in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the annual default rate, loss severity, and constant prepayment rate used in the fair value measurement of Level 3 asset backed securities in isolation, generally, would have resulted in a significantly lower (higher) fair value measurement and significant increases (decreases) in loss severity in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the surrender assumption used in the fair value measurement of the fixed deferred indexed annuity ceded embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in nonperformance risk used in the fair value measurement of the IUL embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in nonperformance risk and surrender assumption used in the fair value measurements of the fixed deferred indexed annuity embedded derivatives and structured variable annuity embedded derivatives in isolation would have resulted in a significantly lower (higher) liability value.

 

F-44 

RiverSource Life Insurance Company

 

 

Determination of Fair Value

The Company uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs.

The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.

Assets

Available-for-Sale Securities

When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.

Level 1 securities primarily include U.S. Treasuries.

Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, state and municipal obligations, asset backed securities and foreign government securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes. The fair value of securities included in an observable transaction with a market participant are also considered Level 2 when the market is not active.

Level 3 securities primarily include certain corporate bonds, non-agency residential mortgage backed securities and asset backed securities with fair value typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to the Company. The Company’s privately placed corporate bonds are typically based on a single non-binding broker quote. The fair value of affiliated asset backed securities is determined using a discounted cash flow model. Inputs used to determine the expected cash flows include assumptions about discount rates and default, prepayment and recovery rates of the underlying assets. Given the significance of the unobservable inputs to this fair value measurement, the fair value of the investment in the affiliated asset backed securities is classified as Level 3.

Management is responsible for the fair values recorded on the financial statements. Prices received from third-party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. The Company reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of third-party pricing services. The Company’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise.

Cash Equivalents

Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also classified as Level 1. The Company’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization.

Receivables

The Company reinsured its fixed deferred indexed annuity products which have an indexed account that is accounted for as an embedded derivative. The Company uses discounted cash flow models to determine the fair value of these ceded embedded derivatives. The fair value of fixed deferred indexed annuity ceded embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates. Given the significance of the unobservable surrender rates, these embedded derivatives are classified as Level 3.

Other Assets

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both December 31, 2025 and 2024. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

 

 F-45

RiverSource Life Insurance Company

 

 

Separate Account Assets

The fair value of assets held by separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV is used as a practical expedient for fair value and represents the exit price for the separate account. Separate account assets are excluded from classification in the fair value hierarchy.

Liabilities

Policyholder Account Balances, Future Policy Benefits and Claims

There is no active market for the transfer of the Company’s embedded derivatives attributable to the provisions of fixed deferred indexed annuity, structured variable annuity and IUL products.

The Company uses discounted cash flow models to determine the fair value of the embedded derivatives associated with the provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products. The fair value of fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates and the estimate of the Company’s nonperformance risk. Given the significance of the unobservable surrender rates and the nonperformance risk assumption, the fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives are classified as Level 3.

The embedded derivatives attributable to these provisions are recorded in Policyholder account balances, future policy benefits and claims.

Other Liabilities

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both December 31, 2025 and 2024. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

Fair Value on a Nonrecurring Basis

The Company assesses its investment in affordable housing partnerships for impairment. The investments that are determined to be impaired are written down to their fair value. The Company uses a discounted cash flow model to measure the fair value of these investments. Inputs to the discounted cash flow model are estimates of future net operating losses and tax credits available to the Company and discount rates based on market condition and the financial strength of the syndicator (general partner). The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $17 million and $27 million as of December 31, 2025 and 2024, respectively, and is classified as Level 3 in the fair value hierarchy.

Assets and Liabilities Not Reported at Fair Value

The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:

 

       December 31, 2025  
       Carrying
Value		      Fair Value  
(in millions)    Level 1      Level 2      Level 3      Total  

Financial Assets

                 

Mortgage loans, net

      $ 1,927      $  —      $ —      $ 1,877      $ 1,877  

Policy loans

        1,056        —        1,056        —        1,056  

Other investments

        56        —        37        19        56  

Receivables

        5,358        —        —        4,485        4,485  

Financial Liabilities

                 

Policyholder account balances, future policy benefits and claims

      $ 23,297      $ —      $ —      $ 19,636      $ 19,636  

Short-term borrowings

        200        —        200        —        200  

Long-term debt

        500        —        329        —        329  

Other liabilities

        3        —        —        3        3  

Separate account liabilities — investment contracts

        366        —        366        —        366  

 

F-46 

RiverSource Life Insurance Company

 

 

       December 31, 2024  
       Carrying
Value		      Fair Value  
(in millions)    Level 1      Level 2      Level 3      Total  

Financial Assets

                 

Mortgage loans, net

      $ 1,797      $  —      $ —      $ 1,675      $ 1,675  

Policy loans

        982        —        982        —        982  

Other investments

        55        —        36        19        55  

Receivables

        5,834        —        —        4,795        4,795  

Financial Liabilities

                 

Policyholder account balances, future policy benefits and claims

      $ 20,097      $ —      $ —      $ 16,826      $ 16,826  

Short-term borrowings

        201        —        201        —        201  

Long-term debt

        500        —        312        —        312  

Other liabilities

        5        —        —        4        4  

Separate account liabilities — investment contracts

        364        —        364        —        364  

Other investments include syndicated loans and the Company’s membership in the FHLB. Receivables include deposit receivables. See Note 7 for additional information on mortgage loans, policy loans, syndicated loans and deposit receivables.

Policyholder account balances, future policy benefits and claims include fixed annuities in deferral status, non-life contingent fixed annuities in payout status, indexed and structured variable annuity host contracts, and the fixed portion of a small number of variable annuity contracts classified as investment contracts. See Note 10 for additional information on these liabilities. Short-term borrowings include FHLB borrowings. Long-term debt includes the surplus note with Ameriprise Financial. See Note 13 for further information on short-term borrowings and long-term debt. Other liabilities include future funding commitments to affordable housing partnerships and other real estate partnerships. Separate account liabilities are related to certain annuity products that are classified as investment contracts.

15. RELATED PARTY TRANSACTIONS

Revenues

See Note 4 for information about revenues from contracts with customers earned by the Company from related party transactions with affiliates.

The Company is the lessor of one real estate property which it leases to Ameriprise Financial under an operating lease that expires November 30, 2029. The Company earned $5 million in rental income for each of the years ended December 31, 2025, 2024 and 2023, which is reflected in Other revenues. The Company expects to earn $5 million in each year of the next three annual periods and $4 million in the period ending November 30, 2029.

Expenses

Charges by Ameriprise Financial and affiliated companies to the Company for use of joint facilities, technology support, marketing services and other services aggregated $313 million, $352 million and $338 million for the years ended December 31, 2025, 2024 and 2023, respectively. Certain of these costs are included in DAC. Expenses allocated to the Company may not be reflective of expenses that would have been incurred by the Company on a stand-alone basis.

Income Taxes

The Company’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The net amount due from Ameriprise Financial for federal income taxes was $296 million and $277 million as of December 31, 2025 and 2024, respectively, which is reflected in Other assets.

Investments

The Company has holdings of AA, A and BBB rated asset backed securities issued by Ameriprise Installment Financing, LLC or Ameriprise Advisor Financing 2, LLC, subsidiaries of Ameriprise Financial. The asset backed securities are collateralized by portfolios of loans issued to advisors affiliated with AFS, an affiliated broker dealer. As of December 31, 2025 and 2024, the fair value of these asset backed securities was $830 million and $879 million, respectively, and is reported in Investments: Available-for-Sale Fixed maturities, at fair value. Interest income from these asset backed securities was $54 million, $44 million and $34 million for the years ending December 31, 2025, 2024 and 2023, respectively, and is reported in Net investment income.

Lines of Credit

RiverSource Life Insurance Company, as the lender, has a revolving credit agreement with Ameriprise Financial as the borrower. This line of credit is not to exceed 3% of RiverSource Life Insurance Company’s statutory admitted assets as of the prior year end. The interest rate under the agreement is an Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In the event of default, an additional 1% interest will accrue during such period of default. There were no amounts outstanding on this revolving credit agreement as of both December 31, 2025 and 2024. See Note 13 for information about additional lines of credit with an affiliate.

 

 F-47

RiverSource Life Insurance Company

 

 

Long-Term Debt

See Note 13 for information about a surplus note to an affiliate.

Dividends, Return of Capital, or Distributions

Cash dividends and return of capital or distributions paid and received by RiverSource Life Insurance Company were as follows:

 

     Years Ended December 31,  
(in millions)    2025        2024        2023  

Dividends paid to Ameriprise Financial

    $ 600        $ 600        $ 600  

Dividend received from RiverSource Life of NY

      50          50          50  

Return of capital received from RTA

      —          40          75  

For dividends and other distributions from the life insurance companies, advance notification was provided to state insurance regulators prior to payments. See Note 16 for additional information.

16. REGULATORY REQUIREMENTS

The National Association of Insurance Commissioners (“NAIC”) defines Risk-Based Capital (“RBC”) requirements for insurance companies. The RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders. These requirements apply to the Company. The Company has met its minimum RBC requirements.

Insurance companies are required to prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the insurance departments of their respective states of domicile, which vary materially from GAAP. Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, regulations and general administrative rules. The more significant differences from GAAP include charging policy acquisition costs to expense as incurred, establishing annuity and insurance reserves using different actuarial methods and assumptions, classifying surplus notes as a component of statutory surplus rather than debt, valuing investments on a different basis and excluding certain assets from the balance sheet by charging them directly to surplus, such as a portion of the net deferred income tax assets.

State insurance statutes contain limitations as to the amount of dividends and other distributions that insurers may make without providing prior notification to state regulators. For RiverSource Life Insurance Company, payments in excess of unassigned surplus, as determined in accordance with accounting practices prescribed by the State of Minnesota, require advance notice to the Minnesota Department of Commerce (“MN DOC”), RiverSource Life Insurance Company’s primary regulator, and are subject to potential disapproval. RiverSource Life Insurance Company’s statutory unassigned deficit was $275 million and $736 million as of December 31, 2025 and 2024, respectively.

In addition, dividends or distributions whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceed the greater of the previous year’s statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as “extraordinary dividends.” Extraordinary dividends also require advance notice to the MN DOC, and are subject to potential disapproval. Statutory capital and surplus was $2.5 billion and $2.7 billion as of December 31, 2025 and 2024, respectively.

Statutory net gain from operations and net income for RiverSource Life Insurance Company are summarized as follows:

 

     Years Ended December 31,  
(in millions)    2025        2024        2023  

Statutory net gain from operations

    $ 1,855        $ 1,097        $ 1,331  

Statutory net income (loss)

      1,101          (91 )         845  

Government debt securities of $4 million as of both December 31, 2025 and 2024 were on deposit with various states as required by law.

17. OFFSETTING ASSETS AND LIABILITIES

Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’s derivative instruments are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.

 

 F-48

RiverSource Life Insurance Company

 

 

The following tables present the gross and net information about the Company’s assets subject to master netting arrangements:

 

    December 31, 2025  
    Gross
Amounts of
Recognized
Assets		     Gross Amounts
Offset in the
Consolidated
Balance Sheets		     Amounts of Assets
Presented in
the Consolidated
Balance Sheets		     Gross Amounts Not Offset
in the Consolidated Balance Sheets		     Net
Amount		  

(in millions)

   Financial
Instruments(1)		     Cash
Collateral		     Securities
Collateral		  

Derivatives:

              

OTC

   $ 12,894     $  —     $ 12,894     $ (8,023 )    $ (2,484 )    $ (2,296 )    $ 91  

OTC cleared

     9       —       9       (9 )      —       —       —  

Exchange-traded

     205       —       205       (41 )      —       —       164  

Total

   $ 13,108     $ —     $ 13,108     $ (8,073 )    $ (2,484 )    $ (2,296 )    $ 255  

 

    December 31, 2024  
    Gross
Amounts of
Recognized
Assets		     Gross Amounts
Offset in the
Consolidated
Balance Sheets		     Amounts of Assets
Presented in
the Consolidated
Balance Sheets		     Gross Amounts Not Offset
in the Consolidated Balance Sheets		     Net
Amount		  
(in millions)   Financial
Instruments(1)		     Cash
Collateral		     Securities
Collateral		  

Derivatives:

              

OTC

   $ 9,111     $  —     $ 9,111     $ (5,555 )    $ (1,550 )    $ (1,970 )    $ 36  

OTC cleared

     10       —       10       (10 )      —       —       —  

Exchange-traded

     102       —       102       (17 )      —       —       85  

Total

   $ 9,223     $ —     $ 9,223     $ (5,582 )    $ (1,550 )    $ (1,970 )    $ 121  

 

(1) 

Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements:

 

    December 31, 2025  
    Gross
Amounts of
Recognized
Liabilities		     Gross Amounts
Offset in the
Consolidated
Balance Sheets		     Amounts of Liabilities
Presented in
the Consolidated
Balance Sheets		     Gross Amounts Not Offset
in the Consolidated Balance Sheets		     Net
Amount		  
(in millions)  

Financial

Instruments(1)

    

Cash

Collateral

    

Securities

Collateral

  

Derivatives:

              

OTC

   $ 8,122     $  —     $ 8,122     $ (8,023 )    $  —     $ (99 )    $  —  

OTC cleared

     19       —       19       (9 )      —       —       10  

Exchange-traded

     48       —       48       (41 )      —       —       7  

Total

   $ 8,189     $ —     $ 8,189     $ (8,073 )    $ —     $ (99 )    $ 17  

 

    December 31, 2024  
    Gross
Amounts of
Recognized
Liabilities		     Gross Amounts
Offset in the
Consolidated
Balance Sheets		     Amounts of Liabilities
Presented in the
Consolidated
Balance Sheets		     Gross Amounts Not Offset
in the Consolidated Balance Sheets		     Net
Amount		  
(in millions)  

Financial

Instruments(1)

    

Cash

Collateral

    

Securities

Collateral

  

Derivatives:

              

OTC

   $ 5,622     $  —     $ 5,622     $ (5,555 )    $  —     $ (67 )    $ —  

OTC cleared

     18       —       18       (10 )      —       —       8  

Exchange-traded

     22       —       22       (17 )      —       —       5  

Total

   $ 5,662     $ —     $ 5,662     $ (5,582 )    $ —     $ (67 )    $ 13  

 

(1) 

Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

In the tables above, the amount of assets or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables.

When the fair value of collateral accepted by the Company is less than the amount due to the Company, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, the Company monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by the Company declines, it may be required to post additional collateral.

 

F-49 

RiverSource Life Insurance Company

 

 

Freestanding derivative instruments are reflected in Other assets and Other liabilities. Cash collateral pledged by the Company is reflected in Other assets and cash collateral accepted by the Company is reflected in Other liabilities. See Note 18 for additional disclosures related to the Company’s derivative instruments.

18. DERIVATIVES AND HEDGING ACTIVITIES

Derivative instruments enable the Company to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity and interest rate indices or prices. The Company primarily enters into derivative agreements for risk management purposes related to the Company’s products and operations.

Certain of the Company’s freestanding derivative instruments are subject to master netting arrangements. The Company’s policy on the recognition of derivatives on the Consolidated Balance Sheets is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. See Note 17 for additional information regarding the estimated fair value of the Company’s freestanding derivatives after considering the effect of master netting arrangements and collateral.

Generally, the Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:

 

       December 31, 2025      December 31, 2024  
       Notional      Gross Fair Value      Notional      Gross Fair Value  
(in millions)    Assets(1)      Liabilities(2)      Assets(1)      Liabilities(2)  

Derivatives not designated as hedging instruments

                                                        

Interest rate contracts

      $ 36,007      $ 143      $ 219      $ 39,082      $ 179      $ 324  

Equity contracts

        131,028        12,926        7,970        108,205        8,943        5,331  

Credit contracts

        3,318        16        —        2,914        59        —  

Foreign exchange contracts

        2,234        23        —        2,938        42        7  

Total non-designated hedges

        172,587        13,108        8,189        153,139        9,223        5,662  

Embedded derivatives

                    

IUL

        N/A        —        1,042        N/A        —        1,002  

Fixed deferred indexed annuities and deposit receivables

        N/A        59        58        N/A        55        53  

Structured variable annuities(3)

        N/A        —        3,879        N/A        —        2,461  

Total embedded derivatives

        N/A        59        4,979        N/A        55        3,516  

Total derivatives

      $ 172,587      $ 13,167      $ 13,168      $ 153,139      $ 9,278      $ 9,178  

N/A Not applicable.

(1) 

The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded embedded derivative assets related to deposit receivables is included in Receivables.

(2) 

The fair value of freestanding derivative liabilities is included in Other liabilities. The fair value of IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims.

(3)

The fair value of the structured variable annuity embedded derivatives as of December 31, 2025 included $3.9 billion of individual contracts in a liability position and $1 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2024 included $2.5 billion of individual contracts in a liability position and $3 million of individual contracts in an asset position.

See Note 14 for additional information regarding the Company’s fair value measurement of derivative instruments.

As of December 31, 2025 and 2024, investment securities with a fair value of $1.7 billion and $1.5 billion, respectively, were pledged to meet contractual obligations under derivative contracts, of which $100 million and $84 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of December 31, 2025 and 2024, investment securities with a fair value of $2.7 billion and $2.2 billion, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $2.4 billion and $2.0 billion, respectively, may be sold, pledged or rehypothecated by the Company. As of both December 31, 2025 and 2024, the Company had sold, pledged or rehypothecated none of these securities. In addition, as of both December 31, 2025 and 2024, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.

 

 F-50

RiverSource Life Insurance Company

 

 

The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Income:

 

(in millions)      Benefits,
Claims, Losses
and Settlement
Expenses		      Interest
Credited to
Fixed Accounts		      Change in Fair
Value of
Market Risk
Benefits		  

Year Ended December 31, 2025

           

Interest rate contracts

      $ 2      $ —      $ (198 ) 

Equity contracts

        1,554        100        (842 ) 

Credit contracts

        —        —        (82 ) 

Foreign exchange contracts

        —        —        (29 ) 

IUL embedded derivatives

        —        (60 )       —  

Fixed deferred indexed annuity and deposit receivables embedded derivatives

        —        18        —  

Structured variable annuity embedded derivatives

        (1,758 )       —        —  

Total gain (loss)

      $ (202 )     $ 58      $ (1,151 ) 

Year Ended December 31, 2024

           

Interest rate contracts

      $ (10 )     $ —      $ (1,128 ) 

Equity contracts

        1,419        71        (1,021 ) 

Credit contracts

        —        —        124  

Foreign exchange contracts

        —        —        64  

IUL embedded derivatives

        —        (106 )       —  

Fixed deferred indexed annuity and deposit receivables embedded derivatives

        —        16        —  

Structured variable annuity embedded derivatives

        (1,670 )       —        —  

Total gain (loss)

      $ (261 )     $ (19 )     $ (1,961 ) 

Year Ended December 31, 2023

           

Interest rate contracts

      $ (5 )     $ —      $ (422 ) 

Equity contracts

        770        79        (1,239 ) 

Credit contracts

        —        —        7  

Foreign exchange contracts

        —        —        5  

IUL embedded derivatives

        —        (75 )       —  

Fixed deferred indexed annuity and deposit receivables embedded derivatives

        —        (3 )       —  

Structured variable annuity embedded derivatives

        (1,166 )       —        —  

Total gain (loss)

      $ (401 )     $ 1      $ (1,649 ) 

The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company.

The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options as of December 31, 2025:

 

(in millions)     

Premiums

Payable

     

Premiums

Receivable

  

2026

      $ 247      $ 88  

2027

        21        —  

2028

        31        —  

2029

        135        —  

2030

        217        —  

2031

        16        —  

Total

      $ 667      $ 88  

Actual timing and payment amounts may differ due to future settlements, modifications or exercises of the contracts prior to the full premium being paid or received.

Structured variable annuity and IUL products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to structured variable annuity and IUL products will positively or negatively impact earnings over the life of these products. The equity components of structured variable annuity and IUL product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into interest rate swaps, index options and futures contracts.

 

F-51 

RiverSource Life Insurance Company

 

 

As discussed in Note 12, the Company issues variable annuity contracts that provide protection to contractholders from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. The Company economically hedges its obligations under these market risk benefits using options, swaptions, swaps and futures.

Credit Risk

Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 17 for additional information on the Company’s credit exposure related to derivative assets.

Certain of the Company’s derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s financial strength rating (or based on the debt rating of the Company’s parent, Ameriprise Financial). Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company does not maintain a specific financial strength rating or Ameriprise Financial’s debt does not maintain a specific credit rating (generally an investment grade rating). If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position. As of December 31, 2025 and 2024, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $99 million and $67 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of December 31, 2025 and 2024 was $99 million and $67 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of December 31, 2025 and 2024 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been nil as of both December 31, 2025 and 2024, respectively.

19. SHAREHOLDER’S EQUITY

The following tables present the amounts related to each component of OCI:

 

       Year Ended December 31, 2025  
(in millions)      Pretax      Income Tax
Benefit
(Expense)		      Net of Tax  

Net unrealized gains (losses) on securities:

           

Net unrealized gains (losses) on securities arising during the period(1)

      $ 675      $ (145 )     $ 530  

Reclassification of net (gains) losses on securities included in net income(2)

        6        (1 )       5  

Impact of benefit reserves and reinsurance recoverables

        (9 )       2        (7 ) 

Net unrealized gains (losses) on securities

        672        (144 )       528  

Effect of changes in discount rate assumptions on certain long-duration contracts

        (91 )       19        (72 ) 

Effect of changes in instrument-specific credit risk on market risk benefits (“MRBs”)

        26        (6 )       20  

Other

        1        —        1  

Total other comprehensive income (loss)

      $ 608      $ (131 )     $ 477  

 

       Year Ended December 31, 2024  
(in millions)      Pretax      Income Tax
Benefit
(Expense)		      Net of Tax  

Net unrealized gains (losses) on securities:

           

Net unrealized gains (losses) on securities arising during the period(1)

      $ (383 )     $ 82      $ (301 ) 

Reclassification of net (gains) losses on securities included in net income(2)

        11        (2 )       9  

Impact of benefit reserves and reinsurance recoverables

        20        (4 )       16  

Net unrealized gains (losses) on securities

        (352 )       76        (276 ) 

Effect of changes in discount rate assumptions on certain long-duration contracts

        194        (41 )       153  

Effect of changes in instrument-specific credit risk on MRBs

        (79 )       17        (62 ) 

Total other comprehensive income (loss)

      $ (237 )     $ 52      $ (185 ) 

 

 

 F-52

RiverSource Life Insurance Company

 

 

       Year Ended December 31, 2023  
(in millions)      Pretax      Income Tax
Benefit
(Expense)		      Net of Tax  

Net unrealized gains (losses) on securities:

           

Net unrealized gains (losses) on securities arising during the period(1)

      $ 652      $ (144 )     $ 508  

Reclassification of net (gains) losses on securities included in net income(2)

        27        (7 )       20  

Impact of benefit reserves and reinsurance recoverables

        (24 )       5        (19 ) 

Net unrealized gains (losses) on securities

        655        (146 )       509  

Effect of changes in discount rate assumptions on certain long-duration contracts

        (69 )       15        (54 ) 

Effect of changes in instrument-specific credit risk on MRBs

        (83 )       18        (65 ) 

Total other comprehensive income (loss)

      $ 503      $ (113 )     $ 390  

 

(1) 

Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.

(2) 

Reclassification amounts are recorded in Net realized investment gains (losses).

Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates.

The following table presents the changes in the balances of each component of AOCI, net of tax:

 

(in millions)      Net Unrealized
Gains (Losses)
on Securities		      Effect of
Changes in
Discount Rate
Assumptions		      Effect of
Changes in
Instrument-
Specific Credit
Risk on MRBs		      Other      Total  

Balance at January 1, 2023

      $ (991 )     $ (72 )     $ (20 )     $ (1 )     $ (1,084 ) 

OCI before reclassifications

        489        (54 )       (65 )       —        370  

Amounts reclassified from AOCI

        20        —        —        —        20  

Total OCI

        509        (54 )       (65 )       —        390  

Balance at December 31, 2023

        (482 )       (126 )       (85 )       (1 )       (694 ) 

OCI before reclassifications

        (285 )       153        (62 )       —        (194 ) 

Amounts reclassified from AOCI

        9        —        —        —        9  

Total OCI

        (276 )       153        (62 )       —        (185 ) 

Balance at December 31, 2024

        (758 )       27        (147 )       (1 )       (879 ) 

OCI before reclassifications

        523        (72 )       20        1        472  

Amounts reclassified from AOCI

        5        —        —        —        5  

Total OCI

        528        (72 )       20        1        477  

Balance at December 31, 2025

      $ (230 )     $ (45 )     $ (127 )     $  —      $ (402 ) 

20. INCOME TAXES

The components of income tax provision (benefit) were as follows:

 

     Years Ended December 31,  
(in millions)    2025        2024        2023  

Current income tax

             

Federal

    $ (85 )       $ (297 )       $ (112 ) 

State

      (4 )         (4 )         2  

Total current income tax

      (89 )         (301 )         (110 ) 

Deferred income tax

             

Federal

      170          402          98  

State

      4          2          2  

Total deferred income tax

      174          404          100  

Total income tax provision (benefit)

    $ 85        $ 103        $ (10 ) 

 

F-53 

RiverSource Life Insurance Company

 

 

The principal reasons that the aggregate income tax provision (benefit) is different from that computed by using the U.S. statutory rate of 21% were as follows:

 

    Years Ended December 31,  
  2025           2024           2023  
(in millions, except percentages)   Amount     Percentage            Amount     Percentage            Amount     Percentage  

U.S. federal statutory tax rate

   $ 165       21.0 %      $ 193       21.0 %      $ 81       21.0 % 

State and local income taxes, net of federal income tax effect(1)

     —       —         (2 )      (0.2 )        3       0.9  

Tax credits:

                

Low income housing credit

     (20 )      (2.6 )        (25 )      (2.7 )        (31 )      (8.0 ) 

Foreign tax credit, net of addback

     (24 )      (3.0 )        (21 )      (2.2 )        (27 )      (7.0 ) 

Nontaxable or nondeductible items:

                

Dividends received deduction

     (29 )      (3.7 )        (31 )      (3.4 )        (32 )      (8.2 ) 

Other

     —       —               (1 )      (0.1 )              2       0.4  

Changes in unrecognized tax benefits

     2       0.2         —       —         6       1.6  

Other adjustments:

                

Audit adjustments

     (8 )      (1.0 )        (9 )      (1.0 )        (13 )      (3.4 ) 

Other

     (1 )      (0.1 )              (1 )      (0.2 )              1       0.2  

Effective tax rate

   $ 85       10.8 %            $ 103       11.2 %            $ (10 )      (2.5 )% 

 

(1) 

State taxes in Illinois, Florida, Mississippi, New Hampshire and Hawaii made up the majority (greater than 50 percent) of the tax effect in this category for 2025. State taxes in Florida, Oregon, New Hampshire and Minnesota made up the majority (greater than 50 percent) of the tax effect in this category for 2024. State taxes in Florida made up the majority (greater than 50 percent) of the tax effect in this category for 2023.

Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. Deferred income tax assets and liabilities are measured at the statutory rate of 21% as of both December 31, 2025 and 2024. The significant components of the Company’s deferred income tax assets and liabilities, which are included net within Other assets or Other liabilities, were as follows:

 

     December 31,  
(in millions)    2025        2024  

Deferred income tax assets

        

Insurance and annuity benefits including corresponding hedges

    $ 525        $ 801  

Investments including net unrealized on Available-for-Sale securities

      119          177  

Other

      44          39  

Gross deferred income tax assets

      688          1,017  

Less: valuation allowance

      30          32  

Total deferred income tax assets

      658          985  

Deferred income tax liabilities

        

Deferred acquisition costs

      324          355  

Other

      77          57  

Gross deferred income tax liabilities

      401          412  

Net deferred income tax assets

    $ 257        $ 573  

Included in the Company’s deferred income tax assets are tax benefits related to state net operating losses of $33 million, net of federal benefit, which will expire beginning December 31, 2026. Based on analysis of the Company’s tax position as of December 31, 2025, management believes it is more likely than not that the Company will not realize certain state net operating losses of $28 million and state deferred tax assets of $2 million, both net of federal benefit; therefore, a valuation allowance of $30 million has been established.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows:

 

(in millions)    2025        2024        2023  

Balance at January 1

    $ 22        $ 27        $ 37  

Reductions for tax positions related to the current year

      (2 )         (3 )         (3 ) 

Additions for tax positions of prior years

      2          —          65  

Reductions for tax positions of prior years

      —          —          (71 ) 

Reductions due to lapse of statutes of limitations

      (1 )         (2 )         (1 ) 

Balance at December 31

    $ 21        $ 22        $ 27  

If recognized, approximately $18 million, $17 million and $19 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2025, 2024 and 2023, respectively, would affect the effective tax rate.

 

F-54 

RiverSource Life Insurance Company

 

 

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized a net increase of $3 million, $2 million and $8 million in interest and penalties for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, the Company had a payable of $19 million and $13 million, respectively, related to accrued interest and penalties.

The Company files its federal income tax return as part of the consolidated income tax return of Ameriprise Financial in the U.S. federal jurisdiction. The Company files as a separate entity and as part of unitary or combined returns with Ameriprise Financial, Inc. and other affiliates in various state jurisdictions. The federal statutes of limitations are closed on years through 2018, except for two issues for 2016 which were claimed on an amended return. During the second quarter of 2025, the Internal Revenue Service (“IRS”) finalized the audit of Ameriprise Financial’s U.S. income tax returns for tax years 2019 and 2020, except for one issue for 2020, which remains open. The IRS is currently auditing Ameriprise Financial’s U.S. income tax returns for 2021 through 2023. The state income tax returns of Ameriprise Financial or its subsidiaries, including the Company, are currently under examination by various jurisdictions for years ranging from 2018 through 2023.

The legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted on July 4, 2025. The corporate tax law changes resulting from the OBBBA did not have a material impact to the Company’s consolidated financial statements for the year ended December 31, 2025 and, based on current guidance, the Company does not expect to record any material impacts in the future.

Income taxes paid (received) were as follows:

 

(in millions)    2025        2024        2023  

Income taxes paid (received), net

    $ (81 )       $ (286 )       $ 215  

Federal

      (81 )         (286 )         215  

21. COMMITMENTS AND CONTINGENCIES

Commitments

The following table presents the Company’s funding commitments as of December 31:

 

(in millions)    2025        2024  

Commercial mortgage loans

    $ 27        $ 58  

Contingencies

The Company and its affiliates are involved, in the normal course of business, in legal proceedings, which include regulatory inquiries, arbitration and litigation (including class actions), concerning matters arising in connection with the conduct of its activities. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the insurance industry generally.

As with other insurance companies, the level of regulatory activity concerning the Company’s businesses remains elevated. From time to time, the Company and its affiliates, including AFS and RiverSource Distributors, Inc. receive requests for information from, and/or has been subject to examination or claims by various state, federal and other domestic authorities. The Company and its affiliates are cooperating with the applicable regulators. The Company and its affiliates typically have numerous pending matters that include information requests, exams, inquiries or disputes regarding their business activities and practices and other subjects, including from time to time: sales and distribution of, and disclosure practices related to, various products, including the Company’s insurance and annuity products; supervision of associated persons, including AFS financial advisors and RiverSource Distributors, Inc.’s wholesalers; administration of insurance and annuity claims; security of client information; recordkeeping requirements; and transaction monitoring systems and controls.

These pending matters are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. The Company cannot predict with certainty if, how, or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a potential loss or range of loss can be reasonably estimated for any matter. An adverse outcome in any matter could result in an adverse judgment, a settlement, fine, penalty, or other sanction, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations, or liquidity.

In accordance with applicable accounting standards, the Company establishes an accrued liability for contingent litigation and regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. The Company discloses the nature of the contingency when management believes there is at least a reasonable possibility that the

 

 F-55

RiverSource Life Insurance Company

 

 

outcome may be material to the Company’s consolidated financial statements and, where feasible, an estimate of the possible loss. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is not both probable and reasonably estimable, the Company does not establish an accrued liability, but continues to monitor, in conjunction with any outside counsel handling a matter, further developments that would make such loss contingency both probable and reasonably estimable. Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established, and any appropriate adjustments are made each quarter.

Guaranty Fund Assessments

RiverSource Life Insurance Company and RiverSource Life of NY are required by law to be a member of the guaranty fund association in every state where they are licensed to do business. In the event of insolvency of one or more unaffiliated insurance companies, the Company could be adversely affected by the requirement to pay assessments to the guaranty fund associations. The Company projects its cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of its premiums written relative to the industry-wide premium in each state. The Company accrues the estimated cost of future guaranty fund assessments when it is considered probable that an assessment will be imposed, the event obligating the Company to pay the assessment has occurred and the amount of the assessment can be reasonably estimated.

The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of December 31, 2025 and 2024, the estimated liability was $13 million and $11 million, respectively. As of December 31, 2025 and 2024, the related premium tax asset was $11 million and $9 million, respectively. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.

 

F-56 

SAI9005_12_E01_(05/26)

PART C – OTHER INFORMATION
Item 27. Exhibits 
(a)
(i)
 
(ii)
 
(iii)
 
(iv)
 
(v)
 
(vi)
(b)
 
Not applicable.
(c)
 
Form of Principal Underwriter Agreement for RiverSource Life Insurance Company Variable Annuities and Variable Life
Insurance filed electronically as Exhibit 3.1 to the Initial Registration Statement on Form N-4 for RiverSource Variable
Annuity Account (previously American Enterprise Variable Annuity Account), RiverSource Signature(SM) Select Variable
Annuity and RiverSource Signature(SM) Variable Annuity, on or about Jan. 2, 2007, is incorporated by reference.
(d)
(i)
 
(ii)
 
(iii)
 
(iv)
(e)
 
Copy of Application for IDS Flexible Annuity Contract, filed as Exhibit 5(b) to Registration Statement No. 33-4173 is
incorporated herein by reference.
(f)
(i)
 
(ii)
 
(iii)
(g)
 
Not applicable.
(h)
(i)
 
(ii)
 
(iii)
(i)
 
Not applicable.
(j)
 
Not applicable.
(k)
 
(l)
 
(m)
 
Not applicable.
(n)
 
Not applicable.
(o)
 
Not applicable.
(p)(i)
 
(p)(ii)
 
Item 28. Directors and Officers of the Depositor The following are the Officers and Directors who are engaged directly or indirectly in activities relating to the Registrant or the variable annuity contracts offered by the Registrant and the executive officers of the Company: 
Name
Principal Business Address*
Position and Offices
With Depositor
Jason J. Poor
 
Chairman of the Board and President
Michael J. Pelzel
 
Senior Vice President – Corporate Tax
Kevin L. Kehn
 
Director, Senior Vice President and Chief Actuary
Travis J. Rako
 
Director, Vice President - RiverSource Service &
Operations
Shweta Jhanji
 
Senior Vice President and Treasurer
Gene R. Tannuzzo
 
Director
Kara D. Sherman
 
Director, Senior Vice President – National Sales
Manager - Insurance
Stephen R. Wolfrath
 
Director, Senior Vice President – Insurance and
Annuities Product Development and Management
Brian E. Hartert
 
Director, Chief Financial Officer
Paula J. Minella
 
Secretary
Gregg L. Ewing
 
Vice President and Controller
*
The business address is 70100 Ameriprise Financial Center, Minneapolis, MN 55474.
Item 29. Persons Controlled by or Under Common Control with the Depositor or the Registrant
The following is the list of subsidiaries of Ameriprise Financial, Inc:
SUBSIDIARIES AND AFFILIATES OF AMERIPRISE FINANCIAL, INC. 
Parent Company /Subsidiary Name
Jurisdiction
Ameriprise Financial, Inc.*
Delaware
Ameriprise Advisor Capital, LLC
Delaware
Ameriprise Advisor Financing 2, LLC
Delaware
Ameriprise Asset Management Holdings Singapore (Pte.) Ltd.
Singapore
Parent Company /Subsidiary Name
Jurisdiction
Threadneedle Portfolio Services Hong Kong Limited
Hong Kong
Columbia Threadneedle Investments Japan Co., Ltd.
Japan
Columbia Threadneedle Malaysia Sdn Bhd.
Malaysia
Threadneedle Investments Singapore (Pte.) Ltd.
Singapore
Ameriprise Bank, FSB
Federal
Ameriprise Capital Trust I
Delaware
Ameriprise Capital Trust II
Delaware
Ameriprise Capital Trust III
Delaware
Ameriprise Capital Trust IV
Delaware
Ameriprise Captive Insurance Company
Vermont
Ameriprise Certificate Company
Delaware
Investors Syndicate Development Corporation
Nevada
Ameriprise Holdings, Inc.
Delaware
Ameriprise Installment Financing, LLC
Delaware
Ameriprise India LLP1
India
Ameriprise India Partner, LLC
Delaware
Ameriprise Trust Company
Minnesota
AMPF Holding, LLC
Michigan
American Enterprise Investment Services Inc.2
Minnesota
Ameriprise Financial Services, LLC2
Delaware
AMPF Property Corporation
Michigan
Investment Professionals, Inc.2
Texas
Columbia Management Investment Advisers, LLC
Minnesota
Advisory Capital Strategies Group Inc.
Minnesota
Columbia Wanger Asset Management, LLC
Delaware
Emerging Global Advisors, LLC
Delaware
GA Legacy, LLC
Delaware
J. & W. Seligman & Co. Incorporated
Delaware
Columbia Management Investment Distributors, Inc.2
Delaware
Seligman Partners, LLC3
Delaware
Lionstone BBP Limited Partner, LLC
Delaware
Lionstone CREAD Partners Two, LLC
Delaware
Lionstone CREAD GP, LLC
Delaware
Lionstone LORE Two, LLC
Delaware
Lionstone Partners, LLC
Texas
Lionstone CFRE II Real Estate Advisory, LLC
Delaware
Lionstone Raleigh Development Partners GP, LLC
Delaware
Lionstone RDP Co-Investment Fund I GP, LLC
Delaware
Parent Company /Subsidiary Name
Jurisdiction
RiverSource CDO Seed Investments, LLC
Minnesota
Columbia Management Investment Services Corp.
Minnesota
Columbia Threadneedle Investments UK International Limited
England &
Wales
Columbia Threadneedle (Europe) Limited
England &
Wales
Columbia Threadneedle AM (Holdings) Limited
Scotland
Astraeus III GP LLP
 
Astraeus III FP LP
 
Columbia Threadneedle Capital (Group) Limited
Cayman
Islands
Columbia Threadneedle Capital (Holdings) Limited
Cayman
Islands
Columbia Threadneedle Capital (UK) Limited
England &
Wales
Columbia Threadneedle Multi-Manager LLP
England &
Wales
Thames River Capital LLP
England &
Wales
Columbia Threadneedle Group (Holdings) Limited
England &
Wales
Columbia Threadneedle Group (Management) Limited
England &
Wales
Columbia Threadneedle Holdings Limited
England &
Wales
Columbia Threadneedle Management Limited
England &
Wales
FCEM Holdings (UK) Limited
England &
Wales
Columbia Threadneedle Netherlands B.V.
Netherlands
Columbia Threadneedle Treasury Limited
England &
Wales
WAM Holdings Ltd
England &
Wales
Columbia Threadneedle Fund Management Limited
England &
Wales
Columbia Threadneedle Managers Limited
England &
Wales
Columbia Threadneedle (Services) Limited
Scotland
Columbia Threadneedle Management (Swiss) GmbH‡
Switzerland
Columbia Threadneedle Investment Business Limited
Scotland
Columbia Threadneedle PE Co-Investment GP LLP
Scotland
FCIT PE FP LP4
Scotland
Columbia Threadneedle PE Co-Investment FP LP4
Scotland
Parent Company /Subsidiary Name
Jurisdiction
Columbia Threadneedle Real Estate Partners LLP5
England &
Wales
CT UK Residential Real Estate FCP-RAIF (Associate)
England &
Wales
Columbia Threadneedle Real Estate Partners S.à.r.l.
Luxembourg
CT Real Estate Partners GmbH & Co. KG, München
Germany
CT Real Estate Partners Verwaltungsgesellschaft mbH, München (General Partner)
Germany
Columbia Threadneedle Real Estate Partners Asset Management Limited
England &
Wales
Columbia Threadneedle REP Property Management Limited
England &
Wales
Castle Mount Impact Partners GP LLP
 
Castle Mount Impact Partners FP LP
 
F&C Aurora (GP) Limited
Scotland
The Aurora Fund (Founder Partner) LP4
Scotland
F&C Climate Opportunity Partners (GP) Limited
Scotland
F&C Climate Opportunity Partners (GP) LP
Scotland
F&C Climate Opportunity Partners (Founder Partner) LP4
Scotland
F&C Equity Partners Holdings Limited
England &
Wales
F&C European Capital Partners (Founder Partner) LP4
Scotland
F&C European Capital Partners II (GP) Limited
Scotland
F&C European Capital Partners II (Founder Partner) LP4
Scotland
F&C European Capital Partners II (GP) LP
Scotland
F&C Group ESOP Trustee Limited
Scotland
FP Asset Management Holdings Limited
England &
Wales
Columbia Threadneedle Asset Managers Limited
England &
Wales
Ivory & Sime Limited
Scotland
Columbia Threadneedle (EM) Investments Limited
England &
Wales
Pyrford International Limited
England &
Wales
RiverSource Distributors, Inc.2
Delaware
RiverSource Life Insurance Company
Minnesota
Columbia Cent CLO Advisers, LLC
Delaware
RiverSource Life Insurance Co. of New York
New York
RiverSource NY REO, LLC
New York
RiverSource REO 1, LLC
Minnesota
RiverSource Tax Advantaged Investments, Inc.
Delaware
Parent Company /Subsidiary Name
Jurisdiction
AEXP Affordable Housing Portfolio, LLC6
Delaware
TAM UK International Holdings Limited
England &
Wales
Columbia Threadneedle Investments (ME) Limited
Dubai
CTM Holdings Limited
Malta
TAM Investment Limited
England &
Wales
Threadneedle Asset Management Oversight Limited
England &
Wales
Ameriprise International Holdings GmbH
Switzerland
Threadneedle EMEA Holdings 1, LLC
Minnesota,
USA
Threadneedle Holdings Limited
England &
Wales
TAM UK Holdings Limited
England &
Wales
Threadneedle Asset Management Holdings Limited**
England &
Wales
Columbia Threadneedle Foundation
England &
Wales
Columbia Threadneedle Pullman Promote Ltd.
England &
Wales
TC Financing Limited
England &
Wales
Threadneedle Asset Management Limited
England &
Wales
Threadneedle Investment Services Limited
England &
Wales
Threadneedle Asset Management (Nominees) Limited
England &
Wales
Sackville TIPP Property (GP) Limited
England &
Wales
Threadneedle Asset Management Finance Limited
England &
Wales
TMS Investment Limited
Jersey
Threadneedle International Limited
England &
Wales
Threadneedle Investments (Channel Islands) Limited
Jersey
Threadneedle Investments Limited
England &
Wales
Threadneedle Management Services Limited
England &
Wales
Threadneedle Pension Trustees Limited
England &
Wales
Threadneedle Navigator ISA Manager Limited
England &
Wales
Parent Company /Subsidiary Name
Jurisdiction
Threadneedle Pensions Limited
England &
Wales
Threadneedle Portfolio Services AG
Switzerland
Threadneedle Portfolio Services Limited
England &
Wales
Threadneedle Property Investments Limited
England &
Wales
Sackville (CTESIF) 2&3 GP Sàrl
Luxembourg
Sackville LCW (GP) Limited
England &
Wales
Sackville Property Atlantic (Jersey GP) Limited
Jersey
Sackville Property Curtis (Jersey GP) Limited
Jersey
Sackville Property Hayes (Jersey GP) Limited
Jersey
Sackville UKPEC6 Hayes Nominee 1 Limited
Jersey
Sackville UKPEC6 Hayes Nominee 2 Limited
Jersey
Sackville UK Property Select II (GP) Limited
England &
Wales
Sackville UK Property Select II (GP) No. 3 Limited
England &
Wales
Sackville UK Property Select II Nominee (3) Limited
England &
Wales
Sackville UK Property Select III (GP) No. 1 Limited
England &
Wales
Sackville UK Property Select III Nominee (1) Limited
England &
Wales
Sackville UK Property Select III Nominee (2) Limited
England &
Wales
Sackville UK Property Select III (GP) No. 2 Limited
England &
Wales
Sackville UK Property Select III Nominee (3) Ltd
England &
Wales
Sackville UK Property Select III Nominee (4) Ltd
England &
Wales
Sackville UK Property Select III (GP) No. 3 Limited
England &
Wales
Sackville UK Property Select III Nominee (5) Ltd
England &
Wales
Sackville UK Property Select III Nominee (6) Ltd
England &
Wales
Sackville UK Property Select III (GP) S.à r.l.
Luxembourg
Sackville UK Property Select IV (GP) S.à.r.l.
Luxembourg
Sackville UK Property Select IV (GP) No. 1 Limited
England
Sackville UK Property Select IV Nominee (1) Limited
England
Sackville UK Property Select IV Nominee (2) Limited
England
Parent Company /Subsidiary Name
Jurisdiction
Sackville UK Property Select IV Nominee (7) Limited
England
Sackville UK Property Select IV Nominee (8) Limited
England
Sackville UK Property Select IV (GP) No. 2 Limited
England
Sackville UK Property Select IV Nominee (3) Limited
England
Sackville UK Property Select IV Nominee (4) Limited
England
Sackville UK Property Select IV (GP) No. 3 Limited
England
Sackville UK Property Select IV Nominee (5) Limited
England
Sackville UK Property Select IV Nominee (6) Limited
England
Threadneedle Property Execution 1 Limited
England &
Wales
Threadneedle Property Execution 2 Limited
England &
Wales
Threadneedle Management Luxembourg S.A.
Luxembourg
Unless otherwise indicated all ownership interests are 100%
*
Publicly-traded company (NYSE: AMP)
**
The company has non-voting shares held by third parties
†
Regulated by Luxembourg Authority
‡
FINMA Authorized Representative office of BMO Asset Management Ltd.
1
Owned by: Ameriprise Financial, Inc. 100% profit sharing ratio with capital contribution of 124,078,760 INR (Indian currency=rupees) & 10 INR owned each by Columbia Management Investment Advisers, LLC & Ameriprise India Partner, LLC
2
Registered broker-dealer
3
Managed by members of onshore hedge fund feeders
4
Columbia Threadneedle AM (Holdings) Limited owns a percentage of the entity
5
Columbia Threadneedle Treasury Limited holds 1 unit
6
One-third of this entity is owned by American Express Travel Related Services
Item 30. Indemnification
The amended and restated By-Laws of the depositor provide that the depositor will indemnify, to the fullest extent now or hereafter provided for or permitted by law, each person involved in, or made or threatened to be made a party to, any action, suit, claim or proceeding, whether civil or criminal, including any investigative, administrative, legislative, or other proceeding, and including any action by or in the right of the depositor or any other corporation, or any partnership, joint venture, trust, employee benefit plan, or other enterprise (any such entity, other than the depositor, being hereinafter referred to as an “Enterprise”), and including appeals therein (any such action or process being hereinafter referred to as a “Proceeding”), by reason of the fact that such person, such person’s testator or intestate (i) is or was a director or officer of the depositor, or (ii) is or was serving, at the request of the depositor, as a director, officer, or in any other capacity, or any other Enterprise, against any and all judgments, amounts paid in settlement, and expenses, including attorney’s fees, actually and reasonably incurred as a result of or in connection with any Proceeding, except as provided below.
No indemnification will be made to or on behalf of any such person if a judgment or other final adjudication adverse to such person establishes that such person’s acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated, or that such person personally gained in fact a financial profit or other advantage to which such person was not legally entitled. In addition, no indemnification will be made with respect to any Proceeding initiated by any such person against the depositor, or a director or officer of the depositor, other than to enforce the terms of this indemnification provision, unless such Proceeding was authorized by the Board of Directors of the depositor. Further, no indemnification will be made with respect to any settlement or compromise of any Proceeding unless and until the depositor has consented to such settlement or compromise.
The depositor may, from time to time, with the approval of the Board of Directors, and to the extent authorized, grant rights to indemnification, and to the advancement of expenses, to any employee or agent of the depositor or to any person serving at the request of the depositor as a director or officer, or in any other capacity, of any other Enterprise, to the fullest extent of the provisions with respect to the indemnification and advancement of expenses of directors and officers of the depositor.
Insofar as indemnification for liability arising under the Securities Act of 1933 (the “Act”) may be permitted to directors, officers and controlling persons of the depositor or the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Item 31. Principal Underwriter
(a) RiverSource Distributors Inc. acts as principal underwriter for:
RiverSource Variable Annuity Account 1
RiverSource Variable Annuity Account
RiverSource Account F
RiverSource Variable Annuity Fund A
RiverSource Variable Annuity Fund B
RiverSource Variable Account 10
RiverSource Account SBS
RiverSource MVA Account
RiverSource Account MGA
RiverSource Account for Smith Barney
RiverSource Variable Life Separate Account
RiverSource Variable Life Account
RiverSource of New York Variable Annuity Account 1
RiverSource of New York Variable Annuity Account 2
RiverSource of New York Account 4
RiverSource of New York Account 7
RiverSource of New York Account 8
(b) As to each director, officer or partner of the principal underwriter: 
Name and Principal
Business Address*
 
Positions and Offices
with Underwriter
Jason J. Poor
 
Chairman of the Board and Chief Executive Officer
Jessica A. Kneeshaw
 
Director
Shweta Jhanji
 
Senior Vice President and Treasurer
Paula J. Minella
 
Secretary
Michael S. Mattox
 
Chief Financial Officer
*
The business address is 70100 Ameriprise Financial Center, Minneapolis, MN 55474.
(c) RiverSource Distributors Inc., the principal underwriter during Registrant’s last fiscal year, was paid the following commissions: 
NAME OF PRINCIPAL
UNDERWRITER
NET
UNDERWRITING
DISCOUNTS AND
COMMISSIONS
COMPENSATION ON
REDEMPTION
BROKERAGE
COMMISSIONS
COMPENSATION
RiverSource Distributors, Inc.
$443,503,518
None
None
None
Item 32. Location of Accounts and Records
Not applicable
Item 33. Management Services
Not applicable.
Item 34. Fee Representation
The RiverSource Life Insurance Company (the Company) hereby represents that the fees and charges deducted under the Contracts, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by the Company.
The Company hereby represents that it is relying on the November 28, 1988 no-action letter (Ref. No. IP-6-88) relating to variable annuity contracts offered as funding vehicles for retirement plans meeting the requirements of Section 403(b) of the Internal Revenue Code. Registrant further represents that it will comply with the provisions of paragraphs (1)-(4) of that letter.
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act of 1940, RiverSource Life Insurance Company, on behalf of the Registrant, certifies that it meets all of the requirements of Securities Act Rule 485(b) for effectiveness of this Amendment to its Registration Statement and has caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Minneapolis, and State of Minnesota, on April 27, 2026. 
 
RiverSource Account F
 
(Registrant)
 
By:
/s/ Jason J. Poor
 
 
Jason J. Poor
Chairman of the Board and President
As required by the Securities Act of 1933, this Amended Registration Statement has been signed by the Depositor on April 27, 2026. 
 
RiverSource Life insurance Company
 
(Depositor)
 
By:
/s/ Jason J. Poor
 
 
Jason J. Poor
Chairman of the Board and President
As required by the Securities Act of 1933, Amendment to this Registration Statement has been signed by the following persons in the capacities indicated on April 27, 2026. 
Signature
Title
/s/ Jason J. Poor
Chairman of the Board and President
(Chief Executive Officer)
Jason J. Poor
/s/ Michael J. Pelzel
Senior Vice President – Corporate Tax
Michael J. Pelzel
/s/ Kevin L Kehn
Director, Senior Vice President and Chief Actuary
Kevin L Kehn
/s/ Shweta Jhanji
Senior Vice President and Treasurer
Shweta Jhanji
/s/ Brian E. Hartert
Director, Chief Financial Officer
(Chief Financial Officer)
Brian E. Hartert
/s/ Gene R. Tannuzzo
Director
Gene R. Tannuzzo
/s/ Gregg L. Ewing
Vice President and Controller
(Principal Accounting Officer)
Gregg L. Ewing
/s/ Stephen R. Wolfrath
Director, Senior Vice President-Insurance and Annuities Product
Development and Management
Stephen R. Wolfrath
/s/ Kara D Sherman
Director, Senior Vice President – National Sales Manager -
Insurance
Kara D Sherman
/s/ Travis J. Rako
Director, Vice President - RiverSource Service & Operations
Travis J. Rako
 
/s/ Nicole D. Wood
 
 
Nicole D. Wood
Assistant General Counsel and Assistant Secretary
 
 
Contents of Post-Effective Amendment No. 47
This Registration Statement is comprised of the following papers and documents:
The Cover Page.
 

PART A.
The prospectus for:
RiverSource Flexible Annuity
 

PART B.
The combined Statement of Additional Information and Financial Statements for RiverSource Account F dated May 1, 2026 is filed electronically herewith.
 

PART C.
Other Information.
The signatures.
Exhibits.
Exhibit Index 
(k)
Opinion of counsel and consent to its use as to the legality of the securities being registered
(l)
Consent of Independent Registered Public Accounting Firm

ATTACHMENTS / EXHIBITS

EX-99.K

EX-99.L

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